The first three athletes receive a medal. The first eight athletes in each event receive a diploma, and their names are announced to the public.
Since the 1932 Winter Games in Lake Placid (USA), the medal award ceremony has always been made on a podium. The first-placed athlete, on the highest step in the centre, receives a gold medal and the title of Olympic champion. The second-place athlete stands to the winner’s right, and receives a silver medal; while the third-placed athlete stands to the left and receives a bronze medal. The flags of all three athletes are raised, and the winner’s national anthem is played.
Learn more:
Reference document: Olympic Summer Games Medals
Reference document: Olympic Winter Games Medals
Education Series: the Modern Olympic Games (pp.16-17)
Olympic Charter: Chapter 5, Rules 56 and 57