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Date: 22 October 1968 / 25 October 1968
Heats
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Tibor Tatai | HUN | 4:36.14 |
| 2 | Detlef Lewe | FRG | 4:38.31 |
| 3 | Vitaly Galkov | URS | 4:40.42 |
| 4 | Jiri Ctvrtecka | TCH | 4:40.74 |
| 5 | Boris Lubenov | BUL | 4:43.43 |
| 6 | Sten Emanuelsson | SWE | 4:45.80 |
| 7 | Ivan Patzaichin | ROU | 4:49.32 |
| 8 | Andreas Weigand | USA | 4:50.42 |
| 9 | Christopher Hook | CAN | 4:55.88 |
| Semi-finals | |||
| 10 | Felipe Ojeda | MEX | 4:43.20 |
| 11 | Tetsumasa Yamaguchi | JPN | 4:54.61 |
| Did not start | |||
| Heats | |||
| Jurgen Harpke | GDR | ||