"Shōhō" and her sister were designed to be easily modified as an oil tanker, submarine tender, or aircraft carrier as needed. "Shōhō" was laid down by the Yokosuka Naval Arsenal on 3 December 1934 as the submarine tender "Tsurugizaki". She was launched on 1 June 1935 and completed on 15 January 1939. Not long after the ship was initially completed, she began reconstruction as an aircraft carrier in 1941. Her superstructure was removed and replaced by a flight deck with a hangar for her aircraft below. Renamed "Shōhō", the conversion was finished on 26 January 1942.