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Date: 27 February 1988
| Rank | Name | Nation | Time |
| 1 | Yvonne van Gennip | NED | 2:00.68 |
| 2 | Karin Kania | GDR | 2:00.82 |
| 3 | Andrea Ehrig | GDR | 2:01.49 |
| 4 | Bonnie Blair | USA | 2:04.02 |
| 5 | Yelena Lapuga | URS | 2:04.24 |
| 6 | Seiko Hashimoto | JPN | 2:04.38 |
| 7 | Gunda Kleemann | GDR | 2:04.68 |
| 7 | Erwina Ryś-Ferens | POL | 2:04.68 |
| 9 | Song Hwa-Son | PRK | 2:05.25 |
| 10 | Leslie Bader | USA | 2:05.53 |
| 11 | Natalie Grenier | CAN | 2:06.80 |
| 12 | Marieke Stam | NED | 2:07.00 |
| 13 | Katie Class | USA | 2:07.30 |
| 14 | Ariane Loignon | CAN | 2:07.63 |
| 15 | Yelena Tumanova | URS | 2:07.71 |
| 16 | Anja Mischke | FRG | 2:08.52 |
| 17 | Zofia Tokarczyk | POL | 2:08.54 |
| 18 | Jane Goldman | USA | 2:08.72 |
| 19 | Natsue Seki | JPN | 2:08.89 |
| 20 | Edel Therese Høiseth | NOR | 2:09.34 |
| 21 | Chantal Côté | CAN | 2:09.62 |
| 22 | Han Chun-Ok | PRK | 2:09.66 |
| 23 | Caroline Maheux | CAN | 2:10.83 |
| 24 | Kim Young-Ok | KOR | 2:11.95 |
| 25 | Minna Nystedt | NOR | 2:12.40 |
| 26 | Choi Hye-Sook | KOR | 2:12.96 |
| 27 | Stéphanie Dumont | FRA | 2:13.01 |
| 28 | Bibija Kerla | YUG | 2:21.69 |
| Did not start | |||
| Constanze Scandolo | GDR | ||