The Mi-38's development was carried out by Kazan Helicopters since early 1980s^[3] and a mockup was first shown during the 1989 Paris Air Show.^[8] After the dissolution of the Soviet Union in 1991, Kazan Helicopters went into collaboration with Eurocopter that was to adapt the Mi-38 for international market.^[8] In September 1994, Euromil JSC was established and funding of the programme began a month later.^[8] Sextant and Pratt & Whitney Canada were also to participate in the programme as suppliers of Mi-38's avionics and powerplant equipment.^[8] Initially, the helicopter was to be first flight tested in 1999, but only on 18 August 1999 a contract was signed for completion of the first demonstrator. In 2001, testing of Mi-38's rotor blades was carried out on a Mi-17 helicopter. The first Mi-38 demonstrator (PT-1) performed its maiden flight above the Kazan Helicopters plant on 22 December 2003.^[8][1]

The second prototype (OP-2), powered by Pratt & Whitney Canada PW127/TS engines, made its first flight on 2 December 2010. The prototype is also equipped with the IBKO-38 or IBKV-38 aviation complex, developed by Transas Aviation, which implements a concept of a glass cockpit for the Mi-38.^[9] The same month, OP-2 performed its first long-haul flight from Kazan to Moscow, which covers more than 800 km.^[10]