<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>5</documentType>
<periodOfReport>2003-11-13</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000801907</issuerCik>
        <issuerName>BALLISTIC RECOVERY SYSTEMS INC</issuerName>
        <issuerTradingSymbol>BRSI</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001268480</rptOwnerCik>
            <rptOwnerName>NELSON ROBERT L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>300 AIRPORT ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SOUTH SAINT PAUL</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55075</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Stock Options</value>
</securityTitle>
<conversionOrExercisePrice><value>1.05</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-03-18</value>
</transactionDate>
<transactionCoding><transactionFormType>5</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness><value>L</value>
</transactionTimeliness>
<transactionAmounts><transactionShares><value>20000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-03-18</value>
</exerciseDate>
<expirationDate><value>2008-03-18</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>20000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>40000</value>
<footnoteId id="F1"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Also owns an option ot purchase 20,000 shares at $1.38 per share which are currently vested.</footnote>
</footnotes>
<ownerSignature><signatureName>Mark B. Thomas under Power of Attorney</signatureName>
<signatureDate>2003-11-13</signatureDate>
</ownerSignature>
</ownershipDocument>

