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Date: 2 February 1948
| Rank | Name | Nation | Time |
| 1 | Henri Oreiller | FRA | 2:55.0 |
| 2 | Franz Gabl | AUT | 2:59.1 |
| 3 | Karl Molitor | SUI | 3:00.3 |
| 3 | Ralph Olinger | SUI | 3:00.3 |
| 5 | Egon Schöpf | AUT | 3:01.2 |
| 6 | Silvio Alverà | ITA | 3:02.4 |
| 6 | Carlo Gartner | ITA | 3:02.4 |
| 8 | Fernand Grosjean | SUI | 3:03.1 |
| 9 | Hans Nogler | AUT | 3:05.0 |
| 10 | Hans Hansson | SWE | 3:05.0 |
| 11 | Sverre Lassen-Urdahl | NOR | 3:06.4 |
| 11 | Adolf Odermatt | SUI | 3:06.4 |
| 13 | James Couttet | FRA | 3:07.3 |
| 14 | Engelbert Haider | AUT | 3:08.2 |
| 15 | Eberhard Kneisl | AUT | 3:08.3 |
| 16 | Bjarne Arentz | NOR | 3:09.0 |
| 17 | Antonín Šponar | TCH | 3:09.1 |
| 18 | Romedi Spada | SUI | 3:09.2 |
| 19 | Edi Mall | AUT | 3:09.3 |
| 20 | Marius Eriksen | NOR | 3:09.4 |
| 21 | Vittorio Chierroni | ITA | 3:10.0 |
| 22 | Edy Reinalter | SUI | 3:11.0 |
| 23 | Guy de Huertas | FRA | 3:12.0 |
| 23 | Georges Panisset | FRA | 3:12.0 |
| 25 | Sverre Johannessen | NOR | 3:12.1 |
| 26 | Jack Reddish | USA | 3:12.3 |
| 27 | Luboš Brchel | TCH | 3:12.4 |
| 28 | Harvey Clifford | CAN | 3:14.1 |
| 28 | Hector Sutherland | CAN | 3:14.1 |
| 30 | Sixten Isberg | SWE | 3:15.0 |
| 31 | Stein Eriksen | NOR | 3:15.1 |
| 32 | Eugenio Bonnico | ITA | 3:15.4 |
| 33 | Jean Pazzi | FRA | 3:16.1 |
| 34 | Claude Penz | FRA | 3:19.2 |
| 35 | Jozef Marusarz | POL | 3:20.2 |
| 36 | Tine Mulej | YUG | 3:21.1 |
| 37 | Jan Gąsienica Ciaptak | POL | 3:21.3 |
| 38 | Åke Nilsson | SWE | 3:22.2 |
| 39 | Pentti Alonen | FIN | 3:22.3 |
| 40 | Stig Sollander | SWE | 3:23.1 |
| 41 | Olle Dalman | SWE | 3:23.2 |
| 42 | Richard Movitz | USA | 3:25.2 |
| 43 | Steve Knowlton | USA | 3:26.2 |
| 44 | Robert Blatt | USA | 3:27.4 |
| 45 | Devereaux Jennings | USA | 3:28.2 |
| 46 | Daniel Šlachta | TCH | 3:29.4 |
| 47 | Robert "Barney" McLean | USA | 3:30.1 |
| 48 | Péter Szikla | HUN | 3:30.4 |
| 49 | Sándor Mazány | HUN | 3:31.4 |
| 50 | Michel Feron | BEL | 3:34.3 |
| 51 | Radu Scîrneci | ROU | 3:35.0 |
| 52 | Tamás Szekely | HUN | 3:36.0 |
| 53 | Aimo Vartiainen | FIN | 3:36.4 |
| 54 | Slavko Lukanc | YUG | 3:37.1 |
| 55 | Franz Beck | LIE | 3:38.3 |
| 56 | Bert Irwin | CAN | 3:39.1 |
| 57 | Dumitru Frăţilă | ROU | 3:39.3 |
| 58 | Dumitru Sulică | ROU | 3:39.4 |
| 59 | Hernán Oelkers | CHI | 3:40.2 |
| 60 | Donald Garrow | GBR | 3:41.3 |
| 60 | Bill Irwin | CAN | 3:41.3 |
| 62 | David Madzhar | BUL | 3:45.3 |
| 63 | Justo del Carril | ARG | 3:46.2 |
| 64 | Magnús Brynjólfsson | ISL | 3:48.2 |
| 65 | Károly Kővári | HUN | 3:49.1 |
| 66 | Ion Coliban | ROU | 3:49.2 |
| 67 | Jerzy Schindler | POL | 3:49.4 |
| 68 | Luis de Ridder | ARG | 3:50.2 |
| 69 | Matevž Lukanc | YUG | 3:50.3 |
| 70 | Philippe (Count) d'Ursel | BEL | 3:51.0 |
| 71 | Mihai Bîră | ROU | 3:52.3 |
| 71 | Ciril Praček | YUG | 3:52.3 |
| 73 | Max Gassner | LIE | 3:53.0 |
| 74 | Vasile Ionescu | ROU | 3:54.1 |
| 74 | Arturo Hammersley | CHI | 3:54.1 |
| 76 | James Palmer-Tomkinson | GBR | 3:54.1 |
| 77 | György Libik | HUN | 3:55.3 |
| 78 | Jaime Errázuriz | CHI | 3:56.4 |
| 79 | Leopold Schädler | LIE | 4:00.0 |
| 80 | Jože Bertoncelj | YUG | 4:00.2 |
| 81 | Stuart Parkinson | GBR | 4:03.0 |
| 82 | Dimitar Drazhev | BUL | 4:07.1 |
| 83 | Gonzalo Domínguez | CHI | 4:08.3 |
| 84 | Lajos Máté | HUN | 4:09.0 |
| 85 | Otto Jung | ARG | 4:09.3 |
| 86 | José Arias | ESP | 4:11.4 |
| 87 | Raşit Tolun | TUR | 4:12.1 |
| 88 | Harry Taylor | GBR | 4:17.4 |
| 89 | Thomas de Morawitz | ESP | 4:24.0 |
| 90 | Theodor Sele | LIE | 4:24.1 |
| 91 | Gino de Pellegrín | ARG | 4:25.2 |
| 91 | Ian Appleyard | GBR | 4:25.2 |
| 93 | Pablo Rosenkjer | ARG | 4:36.2 |
| 94 | Dursun Bozkurt | TUR | 4:37.3 |
| 95 | Julio Cernuda | ARG | 4:46.4 |
| 96 | Þórir Jónsson | ISL | 4:47.0 |
| 97 | Osman Yüce | TUR | 4:49.2 |
| 98 | Guðmundur Guðmundsson | ISL | 4:57.0 |
| 99 | Konstantin (Prince) von Padua | LIE | 5:04.1 |
| 100 | José María Vila | ESP | 5:13.0 |
| 101 | Fotis Mavriplis | GRE | 5:39.1 |
| 102 | Fernando Arminan | ESP | 5:41.2 |
| Did not finish | |||
| Zeno Colò | ITA | ||
| Roberto Lacedelli | ITA | ||
| Alfred Stäger | SUI | ||
| Jan Pawlica | POL | ||
| Johnny Lunde | NOR | ||
| Saša Molnar | YUG | ||
| Peter Boumphrey | GBR | ||
| Disqualified | |||
| Ibrahim Geagea | LBN | ||
| Muzaffer Demirhan | TUR | ||