The event was won by Takeo Kamachi of Japan, the nation's first rapid fire pistol medal.
Defending champion Corneliu Ion of Romania took silver, the seventh man to win multiple medals in the event.
Finland's Rauno Bies earned bronze, the first medal for a Finn in the rapid fire pistol since 1964.
Reigning (1982) world champion Igor Puzirev of the Soviet Union did not compete due to the Soviet-led boycott, but runner-up Ove Gunnarsson of Sweden and third-place finisher Alfred Radke of West Germany were present.
Bahrain, the People's Republic of China, Ecuador, Oman, Paraguay, Qatar, Saudi Arabia, and Senegal each made their debut in the event.