Finale: 19.08.2004
| Medaille | Sportler | Nation |
| Gold | Michael Phelps | USA |
| Silber | Ryan Lochte | USA |
| Bronze | George Bovell | Trinidad und Tobago |
| Rang | Sportler | Nation | Minuten |
| 1 | Michael Phelps | USA | 1:57,14 |
| 2 | Ryan Lochte | USA | 1:58,78 |
| 3 | George Bovell | Trinidad und Tobago | 1:58,80 |
| 4 | Laszlo Cseh | Ungarn | 1:58,84 |
| 5 | Thiago Pereira | Brasilien | 2:00,11 |
| 6 | Takahiro Mori | Japan | 2:00,60 |
| 7 | Vytautas Janusaitis | Litauen | 2:01,28 |
| 8 | Jiro Miki | Japan | 2:02,16 |