The Soviet Union claimed its second Olympic gold medal thanks to a narrow 3-2 victory over Canada on the final day of the tournament. Canada, for the first time in international play, was represented by a National Team.
In the deciding gold-medal game, the Canadians took a 2-1 lead before Vyacheslav Starshinov tied the score with less than two minutes to play in the second period. The Soviets grabbed the momentum in the third, out shooting the Canadians 19-7. Veniamin Alexandrov scored would proved to be the "golden" goal before the two-minute mark of the final period. The Soviets posted a perfect 7-0-0 record.
Sweden, Czechoslovakia and Canada all tied shared records of 5-2-0. But after much debate, Sweden was awarded the silver medal and the Czechoslovaks the bronze.
Throughout the tournament, Canadian officials had understood that in the case of a tie in the standings the winner would be determined by the goals for and against differential among the top four teams only. But IIHF officials decided the overall goals for and against differential would count, leaving Canada empty handed.
The best players honored at the tournament by the IIHF were goalie Seth Martin of Canada, defenseman Frantisek Tikal of Czechoslovakia and forward Boris Mayorov of the USSR. The coaches of the USSR team reversed the IIHF's selection of Mayorov and instead presented the award for best forward to Eduard Ivanov despite the fact that he was a defenseman. Ivanov was accepted as the official winner of the award in the IIHF record book.