The company will only build 1,964 special cars, honoring the year when the Mustang first went on sale.
The automaker is also celebrating the anniversary of the Mustang in New York, where the car was first displayed at the 1964 World's Fair.
It's displaying a Mustang on the 86th floor observation deck of the Empire State Building. It's the first time that has been done since 1965, when Ford put a Mustang convertible there.
This time, it's repeating the stunt with a bright yellow 2015 Mustang convertible.
The car had to be broken down for the ride up the building's elevators and reassembled late at night, when the deck is closed to visitors. It will be on display until Friday.
The 50 Year Limited Edition models will come in one of the two colors of Ford's logo: white or blue. Buyers can choose a manual or automatic transmission.
There are special chrome highlights around the grille, windows and tail lights. The Limited Edition will also be the only 2015 Mustang with a faux gas cap badge on the rear, where the original cap sat.
Limited Edition cars will be among the first built when 2015 Mustang production begins later this year.
Ford is also showing the Limited Edition at the New York auto show, which begins this week. Pricing wasn't announced. The Mustang's starting price in 1964: $2,300.