The 1980 Lake Placid Winter Olympics brought together 1,072 athletes from 37 countries to take part in six sports and 10 disciplines comprising a total of 38 official events (one more than in 1976). People's Republic of China, Cyprus and Costa Rica participated in the Winter Olympic Games for the first time. 

The American speed skater Eric Heiden set the record for most medals for an athlete in one edition of the Winter Olympic Games after he medaled in all five speed skating events. The Olympic ice hockey saw the young American team defeat the heavily-favored Soviet professionals in what became known as the Miracle on Ice, on their way to the gold medal. 

In the other disciplines, the Soviet Nikolaj Zimjatov won three gold medals in cross-country skiing and the Liechtenstein skier Hanni Wenzel won her country's first two gold medals in alpine skiing. The Soviet Union finished first in the medal standings, with ten gold medals, while East Germany won the most medals overall, 23. The United States was third on both counts.

Eighty nations were represented at the 1980 Moscow Games, the smallest number since 1956. Led by the United States, 66 countries boycotted the games entirely, because of the Soviet–Afghan War. Several alternative events were held outside of the Soviet Union. Some athletes from some of the boycotting countries (not included in the list of 66 countries that boycotted the games entirely) participated in the games under the Olympic Flag.

The Soviet Union later boycotted the 1984 Summer Olympics in Los Angeles. The Soviet Union won the most gold and overall medals, with the USSR and East Germany winning 127 out of 203 available golds.