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Date: 15 August 2008
Summary
Final 1
| Rank | Name | Nation | Time |
| 1 | Michael Phelps | USA | 1:54.23 |
| 2 | Laszlo Cseh | HUN | 1:56.52 |
| 3 | Ryan Lochte | USA | 1:56.53 |
| 4 | Thiago Pereira | BRA | 1:58.14 |
| 5 | Ken Takakuwa | JPN | 1:58.22 |
| 6 | James Goddard | GBR | 1:59.24 |
| 7 | Keith Beavers | CAN | 1:59.43 |
| 8 | Liam Tancock | GBR | 2:00.76 |