The competition was held on naturally frozen ice on the Lake Misurina.

It was held on Tuesday, 31 January 1956, from 10 a.m. to 3:15 p.m. Thirty-two speed skaters from 15 nations competed.

At first Oleg Goncharenko who skated in the third pair set a new Olympic record with 16:42.3 minutes.

In the seventh pair Knut Johannesen bettered the Olympic record with 16:36.9 minutes.

Finally Sigvard Ericsson set a new Olympic record with 16:35.9 minutes on the way to win the tenth heat and the gold medal.