The competition was held on 18 October 1968 at the shooting ranges in Mexico City.

Heinz Mertel of West Germany took silver while Harald Vollmar of East Germany took bronze, with each nation earning a medal in their first competition separate from each other; they were the first medals for any German shooter in the free pistol since 1936.

Two-time reigning (1962 and 1966) world champion Vladimir Stolypin was on the Soviet Olympic team; runner-up Dencho Denev of Bulgaria and third-place finisher Hynek Hromada of Czechoslovakia also competed in Mexico City.

The Republic of China, Costa Rica, El Salvador, Israel, Trinidad and Tobago, Turkey, Uruguay, and Vietnam each made their debut in the event; East and West Germany competed separately for the first time.

Grigory Kosykh and Heinz Mertel broke the Olympic record, tying at 562 before a shoot-off.