A directive was issued on 6 May 1968 to proceed with development of the twin-engine design. Work proceeded under Mil until his death in 1970. Detailed design work began in August 1968 under the codename Yellow 24. A full scale mock-up of the design was reviewed and approved in February 1969. Flight tests with a prototype began on 15 September 1969 with a tethered hover, and four days later the first free flight was conducted. A second prototype was built, followed by a test batch of ten helicopters.

Acceptance testing for the design began in June 1970, continuing for 18 months. Changes made in the design addressed structural strength, fatigue problems and reduced vibration levels. Also, a 12-degree anhedral was introduced to the wings to address the aircraft's tendency to Dutch roll at speeds in excess of 200 km/h, and the Falanga missile pylons were moved from the fuselage to the wingtips. The tail rotor was moved from the right to the left side of the tail, and the rotation direction reversed. The tail rotor now rotated up on the side towards the front of the aircraft, into the downwash of the rotor, which increased the efficiency of the tail rotor. A number of other design changes were made until the production version Mi-24A (izdeliye 245) entered production in 1970, obtaining its initial operating capability in 1971 and was officially accepted into the state arsenal in 1972.

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