The 1956 water polo tournament was held at the Olympic Park Swimming and Diving Stadium in Melbourne, which was also the site of the swimming and diving events, and the swimming section of the modern pentathlon. There were 10 teams entered in the tournament, separated in round one into three round-robin groups, two with three teams, and one with four teams. The winner and runner-up in each group advanced to a final round-robin group for places 1-6, in which results from round one were carried over. The other four teams contested a classification round-robin group for places 7-10, again with preliminary results carried over.