The favorite for the single sculls title at the 1956 Summer Olympics was Teodor Kocerka of Poland. In addition to having already won a bronze medal in the event at the previous edition, he had been European Champion in 1955, runner-up in 1953 and 1954, and had won the Diamond Challenge Sculls at the Henley Royal Regatta in 1955 and 1956. Not to be dismissed, however, was Vyacheslav Ivanov of the Soviet Union, who gained international attention by winning the 1956 European Championships. Other contenders included Perica Vlašić of Yugoslavia, the 1953 European Champion and 1954 Diamond Challenge Sculls winner, and Great Britain’s Tony Fox, a multiple Diamond Challenge Sculls winner and runner-up. There was also American Jack Kelly, Jr. (son of three-time Olympic rowing champion Jack Kelly, Sr.), making his third attempt to reach the Olympic single scull podium, having failed in 1948 and 1952.
With the exception of Fox, all of the tournament favorites survived the opening round, with Kelly posting the fastest time. In the semi-finals Vlašić, who had won his first heat with ease, lost steam and finished far behind Kelly and Stuart MacKenzie, the latter of whom had replaced 1948 Olympic champion Merv Wood despite having never competed internationally. MacKenzie proved his worth by leading through almost the entirety of the final, but an outstanding drive from last-placed Ivanov in the final section of the course saw the Australian lose the gold by over five seconds. Thus the Soviet Union defended the crown that it had won in 1952, MacKenzie earned an Olympic silver medal in his first international race, and Kelly finally earned an Olympic single sculls medal with his third-place finish. Kocerka, the pre-race favorite, finished fourth and off the podium. MacKenzie would go on to get his revenge at the Diamond Challenge Sculls, however, by winning the tournament on six consecutive occasions beginning in 1957, leaving Ivanov as runner-up in 1957 and 1958.