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Date: 3 August 1992 / 7 August 1992
Heats
Repechages
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Nikolai Boukhalov | BUL | 1:51.15 |
| 2 | Mikhail Slivinskii | EUN | 1:51.40 |
| 3 | Olaf Heukrodt | GER | 1:53.00 |
| 4 | Slavomir Knazovicky | TCH | 1:54.51 |
| 5 | Imre Pulai | HUN | 1:54.86 |
| 6 | Stephen Giles | CAN | 1:55.80 |
| 7 | Pascal Sylvoz | FRA | 1:55.96 |
| 8 | Victor Partnoi | ROU | 1:57.34 |
| 9 | Eric Jamieson | GBR | 1:56.61 |
| Semi-finals | |||
| 10 | Franco Lizzio | ITA | 1:56.02 |
| 11 | Fred Spaulding | USA | 1:57.48 |
| 11 | Efims Klemetjevs | LAT | 1:56.96 |
| 13 | Francisco Lopez Barea | ESP | 1:57.51 |
| 13 | Peter Liljedahl | SWE | 1:58.26 |
| 15 | Park Chang-Kyu | KOR | 1:58.61 |
| 15 | Armando Silega Carbonell | CUB | 1:59.22 |
| 17 | Mariusz Walkowiak | POL | 2:00.28 |
| 17 | Tiit Tikerpe | EST | 2:06.24 |
| Repechages | |||
| 19 | Aleksandar Duric | BIH | 2:04.68 |