In 1956, the Olympic Games were held in Australia, where the United States won its fourth consecutive gold medal since the creation of the Games. In the grand final they beat the Soviet Union by (89-75), with Russell and KC Jones, who would later win many rings together with the Celtics, leading throughout the competition

The Bronze went to Uruguay, who beat France in a resounding way, by (67-47). Earlier in the semi-finals, the United States defeated Uruguay overwhelmingly (101-38), as did the Soviet Union, which beat France with authority (88-41).

United States 89
*KC Jones – 15p
*Walsh – 13p
*Jeangerard – 16p
*Haldorson – 9p
*Russell – 13p
Cain – 1p
Houghland – 2p
Evans – 1p
Tomsic – 4p
Boushka – 9p
Ford – 5p
Darling – 0p

Soviet Union 55
*Semenov – 15p
*Botchkarev – 8p
*Studenetsky – 5p
*Zubkov – 4p
*Krouminch – 4p
Muiznieks – 0p
Valdmanis – 4p
Torban – 4p
Stonkus – 0p
Petkevicius – 3p
Lauritenas – 4p
Ozerov – 4p