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Date: 5 August 1948 / 6 August 1948 / 7 August 1948
Heats
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Joseph Verdeur | USA | 2:39.3 |
| 2 | Keith Carter | USA | 2:40.2 |
| 3 | Robert Sohl | USA | 2:43.9 |
| 4 | John Davies | AUS | 2:43.7 |
| 5 | Tone Cerer | YUG | 2:46.1 |
| 6 | Willy Otto Jordan | BRA | 2:46.4 |
| 7 | Ahmed Kandil | EGY | 2:47.5 |
| 8 | Bob Bonte | NED | 2:47.6 |
| Semi-finals | |||
| 9 | Sandor Nemeth | HUN | 2:48.1 |
| 10 | Royston Romain | GBR | 2:49.6 |
| 11 | Walter Pavlicek | AUT | 2:50.1 |
| 12 | Maurice Lusien | FRA | 2:51.4 |
| 13 | Rene Amabuyok | PHI | 2:51.8 |
| 14 | Sigurdur T. Jonsson | ISL | 2:52.4 |
| 15 | Apollonio Castillo | MEX | 2:53.5 |
| 16 | Alfred Nakache | FRA | 2:59.1 |
| Heats | |||
| 17 | Jiri Linhart | TCH | 2:53.8 |
| 18 | Jacinto Cayco | PHI | 2:54.0 |
| 19 | Carlos Espejo | ARG | 2:55.0 |
| 20 | Sigurdur Jonsson | ISL | 2:56.4 |
| 21 | Goldup Davies | GBR | 2:56.6 |
| 22 | Hans Widmer | SUI | 2:56.7 |
| 23 | Werner Kunz | SUI | 2:57.6 |
| 24 | Nicolas Wildhaber | SUI | 2:59.2 |
| 25 | John Service | GBR | 3:00.4 |
| 26 | Cesar Benetti | ARG | 3:00.6 |
| 27 | Peter Salmon | CAN | 3:01.5 |
| 28 | Kevin Hallett | AUS | 3:02.0 |
| 29 | Atli Steinarsson | ISL | 3:02.3 |
| 30 | Desmond Cohen | RSA | 3:03.3 |
| 31 | Prafulla Mullick | IND | 3:14.9 |
| 32 | Ifthikar Ahmed Shah | PAK | 3:28.1 |