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Date: 7 August 1928 / 8 August 1928 / 9 August 1928
Heats
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Alberto Zorrilla | ARG | 5:01.6 |
| 2 | Andrew "Boy" Charlton | AUS | 5:03.6 |
| 3 | Arne Borg | SWE | 5:04.6 |
| 4 | Clarence "Buster" Crabbe | USA | 5:05.4 |
| 5 | Austin Clapp | USA | 5:16.0 |
| 6 | Raymond Ruddy | USA | 5:25.0 |
| Semi-finals | |||
| 7 | Garnet Ault | CAN | |
| 7 | Albert Vandeplancke | FRA | |
| 9 | Herbert Heinrich | GER | |
| 9 | Hiroshi Yoneyama | JPN | |
| 11 | Katsuo Takaishi | JPN | |
| 12 | Nobuo Arai | JPN | |
| 12 | John Hatfield | GBR | |
| Heats | |||
| 14 | Friedel Berges | GER | 5:27.8 |
| 15 | Paolo Costoli | ITA | 5:29.2 |
| 16 | Walter Handschuhmacher | GER | 5:32.0 |
| 17 | D.P.? Lindsay | NZL | 5:38.6 |
| 18 | Vaclav Antos | TCH | 5:39.8 |
| 19 | James Thompson | CAN | |
| 19 | Geza Szigritz | HUN | |
| 19 | T.? Tamse | PHI | |
| 19 | Andras Wanie | HUN | |
| 19 | Adan Gordon Jr. | PAN | |
| 19 | William Broderick | IRL | |
| 25 | Arthur Watts | GBR | |
| 25 | H.? Tellez | CHI | |