Leisel Jones's bold challenge for an Olympic gold medal fell just short as she took silver in the 200m breaststroke.

The 18-year-old Australian took the race out hard but was overtaken in the final lap by American world recordholder Amanda Beard.

Jones clocked two minutes 23.60 seconds to finish 0.33s behind Beard.

The Queenslander's best time of 2:22.96 set during heavy training in Brisbane about six weeks ago would have been enough for the gold.

She was ahead of Beard by about a second at the final turn but wasn't able to hold off the American, who's known for her scorching last lap.

Beard clocked 2:23.37 for the gold, well adrift of her world record of 2:22.44 set at the US Olympic trials in Long Beach, California, last month.

It was a second Games disappointment for Jones, a former world record holder in the event, after her bronze medal when fastest qualifier in the 100m breaststroke earlier in the week when she admitted she'd lost her feel for the water.

Jones walked downcast from the pool deck and looked glum before stepping onto the medal dais.

But she later smiled for the photographers and hugged Beard on the medal dais.

She said she couldn't be disappointed with her performance.

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