The Men's Freestyle lightweight at the 1968 Summer Olympics as part of the wrestling program were held at the Insurgentes Ice Rink from October 17 to October 20.

[1] The lightweight allowed wrestlers up to 70 kilograms.

[2] The competition used a form of negative points tournament, with negative points given for any result short of a fall.

Accumulation of 6 negative points eliminated the wrestler.

When only two or three wrestlers remain, a special final round is used to determine the order of the medals.