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Date: 8 February 1976
| Rank | Name | Nation | Time |
| 1 | Tatyana Averina | URS | 4:45.19 |
| 2 | Andrea Mitscherlich | GDR | 4:45.23 |
| 3 | Lisbeth Korsmo | NOR | 4:45.24 |
| 4 | Karin Kessow | GDR | 4:45.60 |
| 5 | Ines Bautzmann | GDR | 4:46.67 |
| 6 | Sylvia Filipsson | SWE | 4:48.15 |
| 7 | Nancy Swider | USA | 4:48.46 |
| 8 | Sylvia Burka | CAN | 4:49.04 |
| 9 | Sijtje van der Lende | NED | 4:50.86 |
| 10 | Erwina Ryś | POL | 4:50.95 |
| 11 | Beth Heiden | USA | 4:51.67 |
| 12 | Tuula Vilkas | FIN | 4:51.71 |
| 13 | Nina Statkevich | URS | 4:53.94 |
| 14 | Tatyana Shelekhova | URS | 4:54.03 |
| 15 | Annie Borckink | NED | 4:56.75 |
| 16 | Janina Korowicka | POL | 4:57.48 |
| 17 | Cindy Seikkula | USA | 4:57.57 |
| 18 | Liz Appleby | CAN | 4:58.68 |
| 19 | Yuko Ota | JPN | 4:58.92 |
| 20 | Christa Jaarsma | NED | 5:00.08 |
| 21 | Chieko Ito | JPN | 5:02.57 |
| 22 | Paula-Irmeli Halonen | FIN | 5:03.08 |
| 23 | Gayle Gordon | CAN | 5:07.09 |
| 24 | Lee Nam-Sun | KOR | 5:08.34 |
| 25 | Ewa Malewicka | POL | 5:08.79 |
| 26 | Linda Rombouts | BEL | 5:10.35 |