Mikhail Krivonosov (silver) and Anatoli Samotsvetov (bronze) earned the Soviet Union's first medals in the event.
Four of the 25 finalists from the 1952 Games returned: gold medalist József Csermák of Hungary, seventh-place finisher Sverre Strandli of Norway, twenty-first-place finisher Peter Allday of Great Britain, and Mikhail Krivonosov of the Soviet Union, who had failed to set a legal mark in the final.
In the fifth round, Connolly became the third person of the day to break the Olympic record, throwing the winner 63.19 m (207 ft 3 in).
Samotsvetov made a final throw of 62.56 metres to secure his hold on bronze, but Krivonosov's only answers were fouls, leaving him with the silver.
In a much publicized Olympic romance, Connolly would marry Czechoslovak discus throw champion, Olga Fikotová.
The competition used the two-round format introduced in 1936, with the qualifying round completely separate from the divided final.