The K500 superconducting cyclotron, developed at the Variable Energy Cyclotron Centre (VECC), is now delivering heavy ion beams for the experiments. This article provides a comprehensive description of the first beam characterization. Key parameters for precision measurements with this machine include beam energy and its resolution, which have been determined in this work using two different techniques. The measured beam energy was compared with the estimation (based on the cyclotron’s RF) and was found to be consistent within the experimental uncertainty. Energy of the first beam (14N) delivered was found to be 252.0 ± 1.0 MeV with a resolution of 580 ± 5 keV. The techniques described in this article were used to verify the beam energy of 20Ne at several energies. Finally, the measured beam energies were studied as a function of RF of the cyclotron to determine the calibration constant. This was found to be 1.852 ± 0.032 and is consistent with the estimated value using the machine parameters.