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Date: 27 September 1988 / 1 October 1988
Heats
Repechages
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Greg Barton | USA | 3:55.27 |
| 2 | Grant Davies | AUS | 3:55.28 |
| 3 | Andre Wohllebe | GDR | 3:55.55 |
| 4 | Dmitri Bankovski | URS | 3:56.49 |
| 5 | Gunnar Olsson | SWE | 3:56.84 |
| 6 | Alan Thompson | NZL | 3:56.91 |
| 7 | Attila Szabo | TCH | 3:57.52 |
| 8 | Morten Ivarsen | NOR | 3:59.18 |
| 9 | Ferenc Csipes | HUN | 4:00.30 |
| Semi-finals | |||
| 10 | Philippe Boccara | FRA | 3:41.01 |
| 11 | Jose Garcia | POR | 3:44.00 |
| 11 | Dirk Ulaszewski | FRG | 3:44.17 |
| 13 | Jose Reyes Rodriguez | ESP | 3:48.35 |
| 13 | Patrick Holmes | IRL | 3:49.26 |
| 13 | Carl Beaumier | CAN | 3:55.86 |
| Repechages | |||
| 16 | Kim Dong-Soo | KOR | 4:05.51 |
| 16 | Atilio Cesar Vasquez | ARG | 3:58.03 |
| 18 | Ivan Lawler | GBR | 3:59.69 |
| 18 | Kwok Sun Luk | HKG | 4:30.20 |