After breaking Michael Phelps' decade-long world record in the event in 2019, Hungary's Kristóf Milák finally won his first individual Olympic title.
Fourth at the final turn, Japan's Tomoru Honda rallied to join Milák on the podium and deliver the host nation a silver medal in 1:53.73.
Hungary's Tamás Kenderesi (1:54.52) eclipsed South Africa's 2012 champion Chad le Clos (1:54.93), who faded in the closing stages after commanding a brief lead, by 0.41 seconds to take fourth.
Outside the 1:54 club, Brazil's Leonardo de Deus (1:55.19), the U.S.' Gunnar Bentz (1:55.46) and Poland's Krzysztof Chmielewski (1:55.88) rounded out the championship field.
Up to one swimmer per NOC meeting that time is eligible for selection, allocated by world ranking until the maximum quota for all swimming events is reached.