Footage is shown of champion athletes, including British cyclist Chris Hoy celebrating a win and swimmer Rebecca Adlington looking jubilant as she takes her second gold.
Both of them were triumphant at the Beijing Games in 2008.
Other disciplines are shown, including gymnastics, wrestling, volleyball, track and field, weightlifting, fencing, eventing, and table tennis.
And while iconic footage plays out Muse singer Matt Bellamy sings during the dramatic rock balad: "Race, it's a race, but I'm gonna win, yes I'm gonna win… I choose to survive, whatever it takes."
Elsewhere American swimming champ Michael Phelps can be seen roaring in jubilation after winning one of the eight golds he picked up in Beijing.
The track will be played throughout sports sessions at official venues for the London Olympics 2012, such as when athletes enter and during the build-up to medal ceremonies.
Frontman Matt Bellamy said: "It's a huge honour to have the track chosen as such a major part of the London 2012 Olympic Games.
"I wrote it with the Games in mind as it expresses a sense of conviction and determination to win."
Muse - who formed in 1994 - were the first band to sell out the rebuilt Wembley stadium, which in its earlier incarnation had been the venue for the 1948 Olympics.
The band have released five studio albums, selling more than 15 million copies worldwide.
Their 2009 release The Resistance became their third album to top the UK charts.
The group - which also features Dominic Howard on drums and bass player Chris Wolstenholme - are due to release their next album The 2nd Law in September.