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For the first time in his career, he walked in the opening ceremony. He's already won four gold medals, and could add a fifth to give him 23 career gold medals (and 27 total medals). He's been surprisingly emotional on the podium, as if the scope of his achievements - and that his swim career is coming to an end - is finally dawning on him.
In honor of Phelps' latest Olympic success, we took a look back (in 26 slides for his 26 medals) at how Phelps went from being a gangly Baltimore kid to the best Olympian of all-time. It's been a journey of peaks and valleys, but Phelps, at 31, seems to finally have figured it all out.