U-862 conducted two patrols, sinking seven ships totalling 42,374 tons.
U-862 was one of the most travelled of all U-boats. She sailed from Germany in May 1944 and eventually reached the Japanese-controlled Dutch East Indies. On the way there, she shot down a British Catalina aircraft on 20 August 1944 and then escaped an intense search for her. She sank several ships in the Mozambique Channel between Africa and Madagascar. She sailed down the west coast of Australia, across the Great Australian Bight, around the southern coast of Tasmania and then north to Sydney where she sunk a ship around Christmas 1944. She then travelled around New Zealand and actually entered the port of Napier at night undetected. Returning west across the Bight, she sank an American ship loaded with mules bound for Burma.
Upon Germany's surrender, 6 May 1945, she put into Singapore and was taken over by Japan. On 15 July 1945 she became the Japanese submarine I-502. I-502 surrendered at Singapore in August 1945 and was scuttled there on 13 February 1946.
The crew of U-862 suffered no casualties, and returned to Germany several years after the war.