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Date: 22 October 1968 / 23 October 1968
Heats
Final
| Rank | Name | Nation | Time |
| 1 | Charles Hickcox | USA | 4:48.4 |
| 2 | Gary Hall | USA | 4:48.7 |
| 3 | Michael Holthaus | FRG | 4:51.4 |
| 4 | Greg Buckingham | USA | 4:51.4 |
| 5 | John Gilchrist | CAN | 4:56.7 |
| 6 | Reinhard Merkel | FRG | 4:59.8 |
| 7 | Andrei Dunaev | URS | 5:00.3 |
| 8 | Rafael Hernandez | MEX | 5:04.3 |
| Heats | |||
| 9 | Martyn Woodroffe | GBR | 5:03.9 |
| 10 | George Smith | CAN | 5:04.4 |
| 11 | Hans Ljungberg | SWE | 5:06.1 |
| 12 | Yulian Rusev | BUL | 5:07.0 |
| 13 | Bernhard Mock | FRG | 5:07.1 |
| 14 | Vladimir Kravchenko | URS | 5:08.7 |
| 15 | Tomas Becerra | COL | 5:09.7 |
| 16 | Peter Lazar | HUN | 5:10.6 |
| 17 | Angel Tchakarov | BUL | 5:10.9 |
| 18 | Karl Byrom | AUS | 5:11.9 |
| 19 | Lars Jensen | DEN | 5:12.7 |
| 19 | Miguel Torres | ESP | 5:12.7 |
| 21 | Eduardo Alanis | MEX | 5:14.9 |
| 22 | Jacek Krawczyk | POL | 5:15.1 |
| 23 | Michele D'Oppido | ITA | 5:16.4 |
| 24 | Jacques Henrard | BEL | 5:17.0 |
| 25 | Zbigniew Pacelt | POL | 5:18.6 |
| 26 | Sven Ferm | SWE | 5:18.9 |
| 27 | Raymond Terrell | GBR | 5:19.5 |
| 28 | Ken Campbell | CAN | 5:19.6 |
| 29 | Gudmundur Gislason | ISL | 5:20.2 |
| 30 | Gershon Shefa | ISR | 5:22.6 |
| 31 | Raul Villagomez | MEX | 5:24.7 |
| 32 | Francisco Ramis | PUR | 5:30.9 |
| 33 | Antonio Cruz | GUA | 5:31.1 |
| 34 | Lee Tong-Shing | TPE | 5:50.0 |
| Disqualified | |||
| Jose Martinez | CUB | ||
| Did not start | |||
| Robert Loh | HKG | ||
| Amman Jalmaani | PHI | ||
| Tony Asamali | PHI | ||
| Juan Bello | PER | ||