France's world and European pole vault champion Renaud Lavillenie took the gold medal on Friday with an Olympic record leap of 5.97 meters.
World silver medalist Bjorn Otto of Germany claimed the Olympic silver medal after clearing 5.91, but only at the second attempt.
Otto's European bronze medalist compatriot Raphael Holzdeppe matched that height but had to take bronze because of more fails earlier in the competition.
Lavillenie went on to fail two attempts at 6.07, which would have put him second behind the great Ukrainian Sergei Bubka on the all-time list.
"I can't really believe it," said Lavillenie.
"Maybe tomorrow I will wake up and realise that I am an Olympic champion. The Germans were very strong and they pushed me to my limits. This has to be the best thing in my life."
Otto was blown away by how competitive the final turned out to be.
"It was a really impressive final. I cleared 5.50 in the first attempt, 5.65 in the first, at 5.70 my pole was too soft and I had to change it. It was indeed a performance with highs and lows."
His countryman agreed.
"It was a competition worthy of an Olympic Games," said Holzdeppe. "The heights that everyone cleared speak for themselves."
