| Final | time | +time | L | | | 1. Michael Phelps |  USA | 1:54.27 | | 03 | Stats | | 2. Ryan Lochte | USA | 1:54.90 | +0.63s | 04 | Stats | | 3. Laszlo Cseh |  HUN | 1:56.22 | +1.95s | 05 | Stats | | 4. Thiago Pereira |  BRA | 1:56.74 | +2.47s | 06 | Stats | | 5. Kosuke Hagino |  JPN | 1:57.35 | +3.08s | 02 | Stats | | 6. Ken Takakuwa | JPN | 1:58.53 | +4.26s | 07 | Stats | | 7. James Goddard |  GBR | 1:59.05 | +4.78s | 01 | Stats | | 8. Markus Deibler |  GER | 1:59.10 | +4.83s | 08 | Stats |
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 | | Michael Phelps |
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| . - Wednesday 01.08 20:43 | | Chad le Clos withdrew from the Final. |
| Semi 1 | time | +time | L | Rk. | | | 1. Ryan Lochte | USA | 1:56.13 | - | 04 | 1. | Times | | 2. Michael Phelps | USA | 1:57.11 | 0.98s | 05 | 3. | Times | | 3. James Goddard | GBR | 1:58.49 | 2.36s | 03 | 7. | Times | | 4. Gal Nevo |  ISR | 1:59.17 | 3.04s | 07 | 10. | Times | | 5. Henrique Rodrigues | BRA | 1:59.58 | 3.45s | 02 | 12. | Times | | 6. Vytautas Janusaitis |  LTU | 2:00.13 | 4.00s | 01 | 13. | Times | | 7. Andrew Ford |  CAN | 2:01.58 | 5.45s | 08 | 15. | Times | | -. Markus Rogan |  AUT | DQ | | 06 | | Times |
| Semi 2 | time | +time | L | Rk. | | | 1. Laszlo Cseh | HUN | 1:56.74 | - | 04 | 2. | Times | | 2. Thiago Pereira | BRA | 1:57.45 | 0.71s | 03 | 4. | Times | | 3. Kosuke Hagino | JPN | 1:57.95 | 1.21s | 05 | 5. | Times | | 4. Ken Takakuwa | JPN | 1:58.31 | 1.57s | 02 | 6. | Times | | 5. Chad le Clos |  RSA | 1:58.49 | 1.75s | 07 | 7. | Times | | 6. Markus Deibler | GER | 1:58.88 | 2.14s | 06 | 9. | Times | | 7. Joe Roebuck | GBR | 1:59.57 | 2.83s | 08 | 11. | Times | | 8. Daniel Tranter |  AUS | 2:00.46 | 3.72s | 01 | 14. | Times |
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| | S | F | | Semi 1 | | 3 | | Semi 2 | | 5 | | Heat 5 | 7 | 2 | | Heat 4 | 4 | 3 | | Heat 3 | 4 | 3 | | Heat 2 | 1 | | Heat 1 |
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| Heat 5 | time | +time | L | Rk. | | | 1. Ryan Lochte | USA | 1:58.03 | - | 04 | 2. | Times | | 2. Thiago Pereira | BRA | 1:58.31 | 0.28s | 05 | 5. | Times | | 3. Markus Deibler | GER | 1:58.61 | 0.58s | 03 | 7. | Times | | 4. Henrique Rodrigues | BRA | 1:59.37 | 1.34s | 07 | 10. | Times | | 5. Gal Nevo | ISR | 1:59.56 | 1.53s | 08 | 12. | Times | | 6. Daniel Tranter | AUS | 1:59.70 | 1.67s | 06 | 13. | Times | | 7. Vytautas Janusaitis | LTU | 1:59.84 | 1.81s | 01 | 14. | Times | | 8. David Verraszto | HUN | 2:04.53 | 6.50s | 02 | 35. | Times |
| Heat 4 | time | +time | L | Rk. | | | 1. Kosuke Hagino | JPN | 1:58.22 | - | 03 | 3. | Times | | 2. Michael Phelps | USA | 1:58.24 | 0.02s | 04 | 4. | Times | | 3. Markus Rogan | AUT | 1:58.66 | 0.44s | 05 | 8. | Times | | 4. Ken Takakuwa | JPN | 1:58.82 | 0.60s | 06 | 9. | Times | | 5. Federico Turrini |  ITA | 2:00.63 | 2.41s | 08 | 20. | Times | | 6. Philip Heintz | GER | 2:01.32 | 3.10s | 02 | 27. | Times | | 7. Peng Wu |  CHN | 2:01.43 | 3.21s | 01 | 30. | Times | | 8. Jayden Hadler | AUS | 2:01.54 | 3.32s | 07 | 31. | Times |
| Heat 3 | time | +time | L | Rk. | | | 1. Laszlo Cseh | HUN | 1:57.20 | - | 04 | 1. | Times | | 2. James Goddard | GBR | 1:58.56 | 1.36s | 05 | 6. | Times | | 3. Chad le Clos | RSA | 1:59.45 | 2.25s | 02 | 11. | Times | | 4. Joe Roebuck | GBR | 2:00.04 | 2.84s | 03 | 15. | Times | | 5. Diogo Carvalho |  POR | 2:00.40 | 3.20s | 01 | 18. | Times | | 6. Marcin Cieslak |  POL | 2:00.45 | 3.25s | 08 | 19. | Times | | 7. Darian Townsend | RSA | 2:00.67 | 3.47s | 07 | 21. | Times | | 8. Shun Wang | CHN | 2:00.85 | 3.65s | 06 | 22. | Times |
| Heat 2 | time | +time | L | Rk. | | | 1. Andrew Ford | CAN | 2:00.28 | - | 06 | 16. | Times | | 2. Raphael Stacchiotti |  LUX | 2:00.38 | 0.10s | 03 | 17. | Times | | 3. Bradley Ally |  BAR | 2:00.85 | 0.57s | 04 | 22. | Times | | 4. Alexander Tikhonov |  RUS | 2:01.00 | 0.72s | 05 | 24. | Times | | 5. Martin Liivamagi |  EST | 2:01.09 | 0.81s | 07 | 25. | Times | | 6. Andreas Vazaios |  GRE | 2:01.23 | 0.95s | 01 | 26. | Times | | 7. David Karasek |  SUI | 2:01.35 | 1.07s | 08 | 28. | Times | | 8. Taki Mrabet |  TUN | 2:01.41 | 1.13s | 02 | 29. | Times |
| Heat 1 | time | +time | L | Rk. | | | 1. Wonyong Jung |  KOR | 2:03.33 | - | 05 | 32. | Times | | 2. Maksym Shemberev |  UKR | 2:03.40 | 0.07s | 04 | 33. | Times | | 3. Nuttapong Ketin |  THA | 2:03.91 | 0.58s | 03 | 34. | Times | | 4. Ensar Hajder |  BIH | 2:05.70 | 2.37s | 06 | 36. | Times |
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| Total eligible to participate 36 swimmers |
| Olympic Qualifying Time - 2:00.17 - 18+8 | | Daniel Tranter | AUS | 14. | Jayden Hadler | AUS | 31. | | Henrique Rodrigues | BRA | 12. | Thiago Pereira | BRA | 4. | | Wang Shun | CHN | 22. | Wu Peng | CHN | 30. | | Markus Deibler | GER | 8. | Phillip Heintz | GER | 27. | | James Goddard | GBR | 7. | Joseph Roebuck | GBR | 11. | | László Cseh | HUN | 3. | Dávid Verrasztó | HUN | 35. | | Kosuke Hagino | JPN | 5. | Ken Takakuwa | JPN | 6. | | Chad le Clos | RSA | 9. | Darian Townsend | RSA | 21. | | Michael Phelps | USA | 1. | Ryan Lochte | USA | 2. | | Markus Rogan | AUT | 16. | | Bradley Ally | BAR | 22. | | Gal Nevo | ISR | 10. | | Federico Turrini | ITA | 20. | | Vytautas Janušaitis | LTU | 13. | | Marcin Cieślak | POL | 19. | | Diogo Carvalho | POR | 18. | | Aleksandr Tikhonov | RUS | 24. |
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| Olympic Selection Time - 2:04.38 - 9 | | Raphael Stacchiotti | LUX | 2:00.22 | 17. | | Andrew Ford | CAN | 2:00.92 | 15. | | Taki Mrabet | TUN | 2:01.44 | 29. | | Martin Liivamagi | EST | 2:01.50 | 25. | | Andreas Vazaios | GRE | 2:01.64 | 26. | | David Karasek | SUI | 2:10.79 | 28. | | Maksym Shemberev | UKR | 2:02.37 | 33. | | Jung Won-Yong | KOR | 2:02.50 | 32. | | Nuttapong Ketin | THA | 2:02.90 | 34. |
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| Wildcard Places - 1 | | Ensar Hajder | BIH | 36. |
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| Olympic Qualification time | time | place | date | birth | | 1. Ryan Lochte | USA | 1:54.00 | Shanghai(CHN) | 24.07.2011 | 03/08/1984 | | 2. Michael Phelps | USA | 1:54.16 | Shanghai(CHN) | 24.07.2011 | 30/06/1985 | | 3. Laszlo Cseh | HUN | 1:56.66 | Debrecen(HUN) | 21.05.2012 | 03/12/1985 | | 4. Thiago Pereira | BRA | 1:57.11 | Rio de Janeiro(BRA) | 24.04.2012 | 26/01/1986 | | 5. Markus Rogan | AUT | 1:57.74 | Shanghai(CHN) | 24.07.2011 | 04/05/1982 | | 6. James Goddard | GBR | 1:57.79 | Shanghai(CHN) | 24.07.2011 | 30/03/1983 | | 7. Markus Deibler | GER | 1:57.82 | Berlin(GER) | 10.05.2012 | 28/01/1990 | | 8. Kosuke Hagino | JPN | 1:58.01 | Tokyo(JPN) | 02.04.2012 | 15/08/1994 | | 9. Joe Roebuck | GBR | 1:58.16 | London(GBR) | 03.03.2012 | 05/06/1985 | | 10.Daniel Tranter | AUS | 1:58.19 | Adelaide(AUS) | 15.03.2012 | 11/01/1992 | | 11.Ken Takakuwa | JPN | 1:58.20 | Tokyo(JPN) | 02.04.2012 | 25/03/1985 | | 12.Shun Wang | CHN | 1:58.56 | Rizhao(CHN) | 21.09.2011 | 11/02/1994 | | 13.David Verraszto | HUN | 1:58.69 | Shanghai(CHN) | 24.07.2011 | 22/08/1988 | | 14.Philip Heintz | GER | 1:58.82 | Berlin(GER) | 10.05.2012 | 21/02/1991 | | 15.Chad Le Clos | RSA | 1:58.87 | Durban(RSA) | 16.04.2012 | 12/04/1992 | | 16.Henrique Rodrigues | BRA | 1:58.91 | Rio de Janeiro(BRA) | 24.04.2012 | 04/02/1991 | | 17.Jayden Hadler | AUS | 1:58.99 | Adelaide(AUS) | 15.03.2012 | 23/09/1993 | | 18.Darian Townsend | RSA | 1:59.06 | Port Elizabeth(RSA) | 11.04.2011 | 28/08/1984 | | 19.Vytautas Janusaitis | LTU | 1:59.43 | Shanghai(CHN) | 24.07.2011 | 13/10/1981 | | 20.Peng Wu | CHN | 1:59.50 | Shaoxing(CHN) | 01.04.2012 | 16/05/1987 | | 21.Diogo Carvalho | POR | 1:59.51 | Shanghai(CHN) | 24.07.2011 | 26/03/1988 | | 22.Gal Nevo | ISR | 1:59.62 | Debrecen(HUN) | 21.05.2012 | 29/06/1987 | | 23.Federico Turrini | ITA | 1:59.64 | Riccione(ITA) | 06.03.2012 | 21/07/1987 | | 24.Marcin Cieslak | POL | 1:59.77 | Shanghai(CHN) | 24.07.2011 | 07/04/1992 | | 25.Bradley Ally | BAR | 2:00.03 | Shanghai(CHN) | 24.07.2011 | 11/12/1986 | | 26.Alexander Tikhonov | RUS | 2:00.14 | Moscow(RUS) | 18.04.2011 | 04/05/1988 |
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London 2012