| Final | | time | | | 1. Taisto Mäki |  Finland | 14:26.8 | CR | | 2. Henry Jonsson |  Sweden | 14:27.4 | | | 3. Kauko Pekuri | Finland | 14:29.2 | | | 4. Jack Emery |  Great Britain | 14:46.2 | | | 5. Noji Józef |  Poland | 14:47.8 | | | 6. Morrison Carstairs | Great Britain | 14:51.3 | | | 7. András Csaplár |  Hungary | 14:52.4 | | | 8. Roger Rochard |  France | 14:55.6 | | | 9. Odd Rasdal |  Norway | 15:01.0 | | | 10.Gottfried Utiger |  Switzerland | 15:42.0 | | | 11.Jean Deloge |  Luxembourg | 15:48.0 | | | -. Roger Normand | France | DNF | | | -. István Simon | Hungary | DNF | |
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| History Men 5000m | | World and European Record: Lehtinen (FIN) 14.17.0 | | Championship Record: Rochard, France 14:36.9 |
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| Best 1938 | | 1. Kauko Pekuri | Finland | 14:29.2 | 3. | | 2. Henry Jonsson | Sweden | 14:27.4 | 2. | | 3. Taisto Maeki | Finland | 14:26.8 | 1. | | 7. Roger Rochard | France | 14:55.6 | 8. | | Other participants | | 4. Siefert |  Denmark | | -?? | | 5. Rasdal | Norway | | -?? | | 6. Jozef Noji | Poland | | 5. | | 8. John Emery | Great Britain | | 4. | | 9. Simon | Hungary | | -?? | | 10.Andras Csaplar | Hungary | | 7. | | 11.George Carstairs | Great Britain | | 6. | | 12.Roger Normand | France | | 12. | | 13.Utiger | Switzerland | | 10. | | 14.Medinger | Luxembourg | | -?? | | 15.Deloge | Luxembourg | | -?? | | 16.Jansson | Sweden | | -?? |
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