In 1912, Craig qualified for the Olympic team and went to Sweden, where he reached the final of the 100m. A big favourite was his compatriot Donald Lippincott, who had set a World Record of 10,6 in the heats. After no less than seven false starts, Craig won the race in 10,8 - Lippincott only finished third. Craig fought out another battle with Lippincott in the 200m, edging him to win the 200 m title. Craig was not a part of the American 4 x 100 m relay team, which was disqualified and didn't medal.
Immediately after the Olympics, Ralph Craig retired from the sport, although his brother, Jimmy, became an All Americanfootballer in 1913.
In 1948, he made a return to the Olympics as an alternate on the US yachting team. Although he did not actually compete, Craig (59) carried the American flag at the opening ceremonies in London.
In March 1911, Craig set a new record by running the 40-yard high hurdles in 5.2 seconds, breaking the prior record held by Forrest Smithson.
In May 1911, at his last competition wearing the Michigan uniform, Craig helped the Wolverines to a third place finish in the inter-collegiate meet. He tied the inter-collegiate record in the 100-yard dash with a time of 9.8 seconds. He also tied the world record in the 220-yard dash with a time of 21.2 seconds. The Wolverines finished the meet with 24 points, trailing only Cornell (30 points) and Yale (24-1/2 points).