The Championship division was contested from April 26 to May 11, 2002. Participants in this tournament were placed into groups of four with the top three teams in each group advancing to the qualifying round. Teams which finished last in the group were sent to the relegation round where the top bottom teams were relegated to the 2003 Division I tournament. Within the qualifying round teams where split into two groups of six with the top four advancing to the playoff round and the bottom two eliminated from advancing. The playoff round was a knockout stage towards the gold medal game. The Championship was played in Gothenburg, Sweden. Slovakia won the gold medal game, defeating Russia 4–3. While Poland and Italy were relegated to Division I for 2003.
In anticipation of a Division III being added for the 2003 Championships, a pseudo-Division III tournament was held in 2002, to determine two teams that would earn qualification (not "promotion") to Division II in 2003. This Division II Qualification tournament took place between April 11 and April 13, 2002 in Mexico City, Mexico.