Italy’s Agostino Straulino and his crewman, Nico Rode, came in as the defending gold medalists and Straulino was finishing up a string of eight consecutive European Championships (1949-56). The crew had also won the World Championships in 1952-53 and 1956, taking silver in 1939 and 1948, and bronze in 1954. They were favored but were beaten in four of the first five races by the American boat Kathleen, crewed by Bert Williams and Larry Low. Straulino and Rode won the final two races, but Williams and Low placed second in both to win the gold medal. Bronze went to the Bahamas, with Durward Knowles at the helm. This was the first Olympic medal ever won by the Bahamas. Knowles was competing in his third Olympics, entering in 1948 for Great Britain as the Bahamas did not yet have a National Olympic Committee.
| Pos | Competitors | NOC | Points | Race #1 | Race #2 | Race #3 | Race #4 | Race #5 | Race #6 | Race #7 | | | |
|---|
| 1 | Kathleen |  USA | 5,876 | 1,180 (1) | 481 (5) | 879 (2) | 1,180 (1) | 879 (2) | 879 (2) | 879 (2) | Gold | | |
| Bert Williams • Larry Low |
| 2 | Merope III |  ITA | 5,649 | 703 (3) | – (DQ) | 1,180 (1) | 703 (3) | 703 (3) | 1,180 (1) | 1,180 (1) | Silver | | |
| Agostino Straulino • Nico Rode |
| 3 | Gem IV |  BAH | 5,223 | 879 (2) | 879 (2) | 481 (5) | 879 (2) | 1,180 (1) | 703 (3) | 703 (3) | Bronze | | |
| Durward Knowles • Sloane Farrington |
| 4 | Faneca |  POR | 3,825 | 180 (10) | 1,180 (1) | 703 (3) | 578 (4) | 402 (6) | 481 (5) | 481 (5) | | | |
| Duarte Manuel Bello • José Silva |
| 5 | Gam II |  FRA | 3,126 | 481 (5) | 703 (3) | 578 (4) | 481 (5) | 481 (5) | – (DNF) | 402 (6) | | | |
| Philippe Chancerel • Michel Parent |
| 6 | Kurush IV |  CUB | 2,714 | 578 (4) | – (DQ) | 402 (6) | – (DNF) | 578 (4) | 578 (4) | 578 (4) | | | |
| Carlos de Cárdenas Culmell • Jorge de Cárdenas |
| 7 | Starlight III |  GBR | 2,387 | 402 (6) | 578 (4) | 335 (7) | 277 (8) | 335 (7) | 402 (6) | 335 (7) | | | |
| Bruce Banks • Stanley Potter |
| 8 | Tulilind |  URS | 1,778 | 335 (7) | 277 (8) | 277 (8) | 335 (7) | 277 (8) | 277 (8) | 277 (8) | | | |
| Timir Pinegin • Fyodor Shutkov |
| 9 | Naiad |  AUS | 1,409 | 277 (8) | 226 (9) | 101 (12) | 402 (6) | 139 (11) | 226 (9) | 139 (11) | | | |
| Robert French • Jack Downey |
| 10 | Manana |  CAN | 1,395 | 139 (11) | 335 (7) | 226 (9) | – (DNF) | 180 (10) | 335 (7) | 180 (10) | | | |
| Eugene Pennell • George Parsons |
| 11 | Covunco III |  ARG | 1,260 | 226 (9) | 402 (6) | 180 (10) | – (DNF) | 226 (9) | – (DNF) | 226 (9) | | | |
| Ovidio Lagos • Jorge Brown |
| 12 | Tichiboo |  THA | 420 | – (DNF) | 180 (10) | 139 (11) | – (DNF) | – (DNF) | – (DNF) | 101 (12) | | | |
| Birabongse, Prince Bhanubandh • Luang Pradiyat Navayudh |