In 1996, she returned to athletics. Instead of only running the 800 m, Masterkova also decided to compete in the 1500 metres, a distance she had not competed in four years. At the Russian Championships, she won both distances in top times. However, she was not considered as a real favourite for the 800 m Olympic gold; Maria Mutola and Ana Fidelia Quirot were expected to fight for the title in Atlanta. Masterkova took the lead from the start, and led the entire race to become Olympic champion. After this surprise, Masterkova caused a major upset by also winning the 1500 m in a similar fashion, thereby equaling Tatyana Kazankina's performance at the 1976 Olympics (Kelly Holmes would repeat the performance in 2004). She completed her season by also setting two new world records at the 1000 metre and mile distances.