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Date: 27 September 1988 / 1 October 1988
Heats
Repechages
Semi-finals
Final
| Rank | Name | Nation | Time |
| 1 | Ivans Klementjevs | URS | 4:12.78 |
| 2 | Joerg Schmidt | GDR | 4:15.83 |
| 3 | Nikolai Boukhalov | BUL | 4:18.94 |
| 4 | Larry Cain | CAN | 4:20.70 |
| 5 | Aurel Macarencu | ROU | 4:21.72 |
| 6 | Imre Pulai | HUN | 4:21.86 |
| 7 | Peter Pales | TCH | 4:22.14 |
| 8 | Ivan Sabjan | YUG | 4:24.67 |
| 9 | Eric Jamieson | GBR | 4:39.60 |
| Semi-finals | |||
| 10 | Bruce Merritt | USA | 4:16.51 |
| 10 | Francisco Lopez | ESP | 4:16.90 |
| 12 | Jan Pinczura | POL | |
| Repechages | |||
| 13 | Timo Gronlund | FIN | 4:26.80 |
| 13 | Hiroyuki Izumi | JPN | 5:00.96 |
| 15 | Chang Young-Chul | KOR | 4:43.95 |