There is no mile run in the Olympics. so the answer is: there is no fastest time. The closest event to the mile run in the Olympics is the 1,500 meter run. The women's Olympic record in the 1,500 meters is 3:53.96 by Paula Ivan of Romania at the 1988 Games in Seoul. The men's Olympic record in the 1,500 meters is 3:32.53 by Sebastian Coe of Great Britain at the 1984 Games in Los Angeles.
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1) Men's 110 meter hurdles - 12.91 seconds by Liu Xiang of China at the 2004 Games in Athens.
2) Men's 400 meter hurdles - 46.78 seconds by Kevin Young of the United States at the 1992 Games in Barcelona.
3) Women's 100 meter hurdles - 12.37 seconds by Joanna Hayes of the United States at the 2004 Games in Athens.
4) Women's 400 meter hurdles - 52.64 seconds by Melaine Walker of Jamaica at the 2008 Games in Beijing.