In the group stage, both the Soviet and U.S. teams were unbeaten; the U.S. achieved several surprising results, including a 2–2 draw against Sweden, and a 7–3 upset victory over second-place favorite Czechoslovakia.

For the first game in the medal round, the United States played the Soviets. Finishing the first period tied at 2–2, and the Soviets leading 3–2 following the second, the U.S. team scored two more goals to take their first lead midway in the third and final period, then held on and won 4–3. Two days later, the U.S. won the gold medal by beating Finland in their final game. The Soviet Union took the silver medal by beating Sweden.

The victory became one of the most iconic moments of the Games and in U.S. sports. Equally well-known was the television call of the final seconds of the game by Al Michaels for ABC, in which he declared: "Do you believe in miracles? YES!" In 1999, Sports Illustrated named the "Miracle on Ice" the top sports moment of the 20th century. As part of its centennial celebration in 2008, the International Ice Hockey Federation (IIHF) named the "Miracle on Ice" as the best international ice hockey story of the past 100 years.