The two men behind that moment were San Jose State University students and on Wednesday, their former university honored them five decades later.
Exactly 56 years after raising his fist, Dr. Tommie Smith, one of the men behind the powerful protest, stood in the shadow of his own statue at San Jose State University.
"I am certainly honored to be back on campus here today," Smith said. "And as I stand here, folks, looking at the statute, lord have mercy, look at that. I am proud to stand here to recognize and challenge you students to continue your thoughts, continue your pride of your educational process at San Jose State."
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It was at SJSU that this all began.
Tommie Smith and John Carlos were students when they made the decision to raise their fists during the National Anthem at the 1968 Mexico City Olympics.
It has become powerful symbol of power against racism ever since.
"Attitudes towards others in a negative manner, regardless of what color, is not the American way of survival and the whole world caught on," Smith said.
But their legacy was not always viewed as positive.
Smith and Carlos were vilified for their actions, even on the SJSU campus.
Half a century later, local leaders seek to right the wrongs of the past - including by making October 16 Tommie Smith and John Carlos Day in San Jose.
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It's a special day celebrated at SJSU.
"Today is about action, it's about reflection, it's about empowerment, it's to remind us all to recognize that activism takes lots of voices and lots of forms," SJSU President Cynthia Teniente-Matson said.
Smith says students have a job to do: be somebody who can make a change, just like he and John Carlos were.
The statue stands on campus as a powerful reminder of this message.
"I hope from this day forward, it will continue to be used for the dedication to freedom, dedication to sacrifice, dedication to understanding, dedication to education," Smith said. "We suffered, but we chose to do this."
That choice to create a positive change has been felt across the world.