| Final16:00 | time | Rk. | L | Y | | 1. Alberto Zorrilla |  Argentina | 5:01.6 | OR | 6 | 22 | | 2. Andrew Charlton |  Australia | 5:03.6 | +2.0s | 1 | 20 | | 3. Arne Borg |  Sweden | 5:04.6 | +3.0s | 3 | 26 | | 4. Clarence Crabbe |  United States | 5:05.4 | +3.8s | 2 | 20 | | 5. Austin Clapp | United States | 5:16.0 | +14.4s | 4 | 17 | | 6. Rayymond Ruddy | United States | 5:25.0 | +23.4s | 5 | 16 |
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Alberto Zorrilla won the most sensational race at the Olympiad. With Borg 2 yards ahead at the 100m, and five yards at 200m, nothing appeared more certain than his win. Even when Charlton overhauled him half way in the last lap it was still in doubt. Curiosly, however, Borg, Charlton and Crabbe were so intent on their own positions that they forgot that Zorilla was steadily creeping up on the other side, to finally win a rank outsiders victory.
Borg initial lead was reduced inch by inch, amidst increasing exitement. Borg turned the last fifty a touch ahead of Charlton, with Zorilla and Crabbe close. 24m from home Zorilla took the lead, with Charlton overtaking Borg, whose strength appeared to be failing. Charlton and Zorilla were on opposite side of the bath it was difficult to judge theor respective positions. The australian appeared likely to catch up until the last few strikes. Borg was so distressed that Charlton had to lift him from the water.
| Semi 1 10:10 | Team | time | Rk. | L | Y | | 1. Alberto Zorrilla | Argentina | 5:11.4 | 4. | 6 | 22 | | 2. Andrew Charlton | Australia | 5:13.6 | 6. | 7 | 20 | | 3. Raymond Ruddy | United States | 5:20.6 | 7. | 5 | 16 | | 4. Hiroshi Yoneyama |  Japan | 5:20.8 | 8. | 4 | 19 | | 5. Garnet Ault |  Canada | 5:26.8 | 10. | 1 | 22 |
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| Semi 2 10:25 | Team | time | Rk. | L | Y | | 1. Arne Borg | Sweden | 5:05.4 | 1. | 2 | 26 | | 2. Clarence Crabbe | United States | 5:06.2 | 2. | 6 | 20 | | 3. Austin Clapp | United States | 5:06.8 | 3. | 3 | 17 | | 4. Katsuo Takaishi | Japan | 5:11.4 | 4. | 5 | 21 | | 5. Herbert Heinrich |  Germany | 5:21.5 | 9 | 1 | 29 | | 6. Albert Vandeplancke |  France | 5:31.6 | 11. | 4 | 17 |
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Heats - Wednesday, 7th August |
| Heat 1 | Team | time | Rk. | L | Y | | 1. Austin Clapp | United States | 5:13.4 | 3. | 1 | 17 | | 2. Nobuo Arai | Japan | 5:23.4 | 11. | 4 | 11 | | 3. Friedel Berges |  Germany | 5:27.8 | 13. | 5 | 24 | | 4. James Thompson | Canada | 5:28.2 | | 6 | 22 | | -. Giuseppe Perentin |  Italy | DNS | | 3 | 22 | | -. Paul Radmilovic |  Great Britain | DNS | | 2 | 42 |
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| Heat 2 | Team | time | Rk. | L | Y | | 1. Clarence Crabbe | United States | 5:09.8 | 2. | 1 | 20 | | 2. Hiroshi Yoneyama | Japan | 5:17.8 | 4. | 6 | 19 | | 3. Albert Vandeplancke | France | 5:20.0 | 7. | 5 | 17 | | 4. Géza Szigritz |  Hungary | 5:41.0 | 19. | 3 | 21 | | 5. Arthur Watts | Great Britain | | | 2 | | | -. Renato Baccigalupo | Italy | DNS | | 4 | | | -. Edward Percival Peter | Great Britain | DNS | | | 26 |
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| Heat 3 | Team | time | Rk. | L | Y | | 1. Garnet Ault | Canada | 5:18.8 | 5. | 3 | 22 | | 2. Herbert Heinrich | Germany | 5:20.0 | 7. | 1 | 29 | | 3. Václav Antoš |  Czechoslovakia | 5:39.8 | 18. | 2 | 23 | | 4. Taburan Tamse |  Philippines | | | 4 | | | -. R. Kratochwill |  Poland | DNS | | 6 | | | -. Jean Taris | France | DNS | | 5 | 19 |
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| Heat 4 | Team | time | Rk. | L | Y | | 1. Arne Borg | Sweden | 5:09.6 | 1. | 2 | 26 | | 2. Raymond Ruddy | United States | 5:26.4 | 12. | 3 | 16 | | 3. Walter Handschuhmacher | Germany | 5:32.0 | 14. | 4 | 24 | | 4. Rezső Wanié | Hungary | 5:35.2 | 16. | 1 | 20 | | -. Rodiger |  Austria | DNS | | 5 | |
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| Heat 5 | Team | time | Rk. | L | Y | | 1. Katsuo Takaishi | Japan | 5:22.8 | 9. | 2 | 21 | | 2. Andrew Charlton | Australia | 5:23.0 | 10. | 1 | 20 | | 3. Paolo Costoli | Italy | 5:29.7 | | 4 | 18 | | 4. Adán Gordón Jr |  Panama | | | 5 | 22 | | 5. Hernán Téllez |  Chile | 6:09.7 | | 3 | |
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| Heat 6 | Team | time | Rk. | L | Y | | 1. Alberto Zorrilla | Argentina | 5:19.2 | 6. | 2 | 22 | | 2. John Hatfield | Great Britain | 5:32.8 | 15. | 1 | 34 | | 3. David Lindsay |  New Zealand | 5:38.6 | 17. | 5 | 21 | | 4. William Broderick |  Ireland | 6:28.4 | | 3 | | | -. D.D. Mulji |  India | DNS | | 4 | |
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