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Date: 18 September 1988 / 19 September 1988
Heats
Final
| Rank | Name | Nation | Time |
| 1 | Janet Evans | USA | 4:37.76 |
| 2 | Noemi Ildiko Lung | ROU | 4:39.46 |
| 3 | Daniela Hunger | GDR | 4:39.76 |
| 4 | Elena Dendeberova | URS | 4:40.44 |
| 5 | Kathleen Nord | GDR | 4:41.64 |
| 6 | Jodie Clatworthy | AUS | 4:45.86 |
| 7 | Lin Li | CHN | 4:47.05 |
| 8 | Donna Procter | AUS | 4:47.51 |
| 9 | Roberta Felotti | ITA | 4:49.53 |
| 10 | Birgit Lohberg-Schulz | FRG | 4:50.54 |
| 11 | Erika Hansen | USA | 4:51.93 |
| 12 | Antoaneta Strumenlieva | BUL | 4:52.33 |
| 13 | Anette Philipsson | SWE | 4:52.77 |
| 14 | Christine Magnier | FRA | 4:53.29 |
| 15 | Annette Poulsen | DEN | 4:54.40 |
| 16 | Yan Ming | CHN | 4:55.92 |
| Heats | |||
| 17 | Anamarija Petricevic | YUG | 4:54.17 |
| 18 | Susannah Brownsdon | GBR | 4:54.66 |
| 19 | Yoshie Nishioka | JPN | 4:55.31 |
| 20 | Marianne Muis | NED | 4:56.31 |
| 21 | Mildred Muis | NED | 4:56.89 |
| 22 | Irene Dalby | NOR | 4:58.14 |
| 23 | Hiroyo Harada | JPN | 5:00.92 |
| 24 | Tracey Atkin | GBR | 5:01.34 |
| 25 | Michelle Smith | IRL | 5:01.84 |
| 26 | Marlene Bruten | MEX | 5:03.69 |
| 27 | Chang Hui-Chien | TPE | 5:13.20 |
| 28 | Valentina Aracil | ARG | 5:19.17 |
| 29 | Annemarie Munk | HKG | 5:24.11 |
| 30 | Chen Y.F. Kim Berly | TPE | 5:28.15 |
| Did not start | |||
| Ioulia Bogatcheva | URS | ||