[2] Although he was considered a long shot, Ashenfelter was the surprise winner of the steeplechase at the 1952 Summer Olympics at Helsinki with a dramatic surge on the last lap following the final water jump after trailing substantially early in the race.

In what was considered an early athletic Cold War battle, he finished ahead of Vladimir Kazantsev of the USSR and John Disley of Great Britain, and broke Kazantsev's unofficial world record (the IAAF did not accept official records in the steeplechase until 1954) in the process.

In addition, Ashenfelter won the Sullivan Award as outstanding amateur athlete for the year 1952.

[2][4] The indoor track facility at his alma mater, Penn State, is named in his honor.

[5] Ashenfelter died at a nursing home in West Orange, New Jersey, on January 6, 2018, 17 days before his 95th birthday.