Australia's Mitch Larkin has come away with a silver medal in the men's 200 metres backstroke following a courageous performance at the Rio Olympics.

In other events, Larkin's countrywoman Taylor McKeown was fifth in the women's 200m breaststroke final, Belinda Hocking qualified for the 200m backstroke decider, however world champion Emily Seebohm did not advance.

Larkin, the reigning world championships gold medallist, picked up his first Olympic medal in finishing second to American Ryan Murphy, who completed the 100m-200m backstroke double.

A time of 1 minute and 53.96 seconds saw Larkin claim a podium finish, with Murphy winning in 1:53.62 and Russian Evgeny Rylov getting the bronze in 1:53.97.

"Going into it I just wanted to stand on the podium," Larkin said.

"Ryan Murphy came over the top of me unfortunately. I was trying to keep my head cool and not feel the pressure and keep the tension out of my stroke."

It is only Australia's third medal in the men's 200m backstroke in the Olympics, with Matt Welsh (2000) and Mark Kerry (1980) previously winning bronze.

Larkin, who had finished fourth in Monday night's 100m backstroke final, set the pace in the early stages and led after the first lap.

Murphy, in lane six next to Larkin (five), showed patience to be fourth at this stage but he challenged the Australian in the second lap to lead at 100 metres in a time of 55.56.

Larkin was only 0.01 behind Murphy, however the American increased his lead by the 150-metre mark and held on the final lap to win his second Rio gold.

Phelps dominates in Rio again

Michael Phelps celebrates winning gold in the men's 200-metre individual medley. ( AP photo: Natacha Pisarenko )

Michael Phelps was pitted against his long-time US team-mate and rival Ryan Lochte in the 200m individual medley final but it effectively proved to be a race against the clock.

The 31-year-old Phelps, who had already won gold in the 200m butterfly and two freestyle relays, held a comfortable buffer heading into the final lap and hit the wall with a sizeable margin in his favour via a time of 1:54.66.

Lochte (1:57.47) could only manage fifth, while Japan's Kosuke Hagino (1:56.61) and Sun Wang (1:57.05) of China rounded out the podium.

McKeown falls short of breaststroke medal

Taylor McKeown competes in the women's 200m breaststroke final. ( Getty Images: Christian Petersen )

McKeown, the fastest qualifier, began confidently to slot into second place when the field made the first turn.

The Sunshine Coast-based swimmer assumed the lead in the second 50 and led at the halfway mark in a time of 1:07.99.

But it was at this point that Kaneto burst to the front with a sizzling third 50 metres and she was in front heading into the final lap, while McKeown had slipped back to fourth.

McKeown tried valiantly to push for a medal, however it was not to be and stopped the clock in 2:22.43, as Kaneto took out a clear victory with a time of 2:20.30.

Controversial Russian swimmer Yulia Efimova who has twice tested positive in doping tests, was the silver medallist in a time of 2:21.97 and Shi Jinglin finished with bronze in 2:22.28.

Hocking was third in her 200m backstroke semi-final in 2:07.83 to be fifth fastest for Friday night's (local time) final.

But the shock came for the Australian team when Kazan world champion Seebohm could only manage sixth in her semi-final.

Seebohm swam 2:09.39, three nights after finishing seventh in the 100m backstroke final.

Cameron McEvoy, competing a night after he was seventh in the men's 100m freestyle final, did not progress to the decider of the 50m freestyle.

McEvoy was seventh again, this time in his semi-final, swimming a time of 21.89.