The design and function of the P230 is of the simple fixed barrel, straight blow-back configuration. It has a reputation as a well-built firearm, and competes with the smaller Walther PPK. With its relatively narrow slide and frame it can be carried in an ankle holster or beneath body armor.

The P230 was available in both blued and all-stainless finishes. The blued version features a blued steel slide and a matching, anodized aluminum frame, whereas the stainless version was completely made from stainless steel. Both versions came with a molded polymer, wrap-around grip that is contoured to give the shooter a comfortable and secure hold on the pistol.

The trigger comes from the factory with a 24 newtons (5.5 lb) single-action pull, and is capable of both single-action and double-action. Pulling back the slide sets the hammer backwards and downwards to its single-action position, making for a very short trigger pull, with minimal take-up. The double-action pull is longer and more stiff. It has no external safeties, though it does have a de-cocking lever positioned just above the right-handed shooter's thumb, on the left side of the grip. The lever provides for a safe method of lowering the hammer from its full-cocked, single-action position, to a "half-cock", double-action safe position where the hammer itself falls forward to a locking point about an eighth of an inch from the rear of the firing pin. Once de-cocked, it is physically impossible for the hammer to drop completely and contact the firing pin, which would otherwise greatly increase the risk of the unintentional discharge of a chambered round. In order for the round to discharge, the full double-action pull would have to be completed, which allows for the pistol to be carried reasonably safely with a round chambered. In addition, the SIG P232 has an automatic firing pin safety.

The sights are of the traditional SIG design and configuration, with a dot on the front sight and a rectangle on the rear sight. To aim using the sights, the shooter simply aligns the dot over the rectangle. The magazine release is located behind and below the magazine floor plate. The magazine is released by pushing the lever towards the rear of the grip, at which point the magazine can be removed from the pistol.