Water polo was contested in 1992 at two separate venues. Matches took place at the Piscina Municipal de Montjuïc and the Piscinas Bernat Picornell, both in Barcelona, although the final round and classification round matches all took place at Piscinas Bernat Picornell.
The format was precisely the same as in 1988. There were 12 teams entered with two preliminary round-robin pools of six teams each. The top two teams in each pool advanced to a four-team single-elimination medal tournament, with semi-finals and finals. The third and fourth teams in each preliminary pool contested a round-robin classification round for places 5-8, while the fifth and sixth teams in each preliminary pool also contested a round-robin classification round, this for places 9-12.
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