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Date: 22 February 1988
| Rank | Name | Nation | Time |
| 1 | Christa Rothenburger | GDR | 1:17.65 |
| 2 | Karin Kania | GDR | 1:17.70 |
| 3 | Bonnie Blair | USA | 1:18.31 |
| 4 | Andrea Ehrig | GDR | 1:19.32 |
| 5 | Seiko Hashimoto | JPN | 1:19.75 |
| 6 | Angela Stahnke | GDR | 1:20.05 |
| 7 | Leslie Bader | USA | 1:21.09 |
| 8 | Katie Class | USA | 1:21.10 |
| 9 | Natalie Grenier | CAN | 1:21.15 |
| 10 | Erwina Ryś-Ferens | POL | 1:21.44 |
| 11 | Shoko Fusano | JPN | 1:21.47 |
| 12 | Christine Aaftink | NED | 1:21.63 |
| 13 | Zofia Tokarczyk | POL | 1:21.80 |
| 14 | Shelley Rhead | CAN | 1:21.84 |
| 15 | Edel Therese Høiseth | NOR | 1:21.90 |
| 16 | Emese Nemeth-Hunyady | AUT | 1:22.22 |
| 17 | Yu Seon-Hui | KOR | 1:22.35 |
| 18 | Yelena Ilyina | URS | 1:22.40 |
| 19 | Ariane Loignon | CAN | 1:22.75 |
| 20 | Nataliya Shive | URS | 1:22.99 |
| 21 | Ingrid Haringa | NED | 1:23.15 |
| 22 | Noriko Toda | JPN | 1:23.49 |
| 23 | Han Chun-Ok | PRK | 1:24.26 |
| 24 | Nancy Swider-Peltz | USA | 1:24.81 |
| 25 | Marie-Pierre Lamarche | CAN | 1:25.18 |
| 26 | Bibija Kerla | YUG | 1:30.89 |
| Did not start | |||
| Marie-France van Helden | FRA | ||
| Disqualified | |||
| Song Hwa-Son | PRK | ||