The ad was created by Creature of London and directed by Stu Outhwaite.
It features a swimmer who is so engrossed in her copy of the Radio Times that she forgets to turn up for her race, with the strapline, "Don't miss a thing with our complete 16-day TV guide to the Olympics".
The issue will also be supported by digital and social media activity on RadioTimes.com, YouTube and Twitter.
The Immediate Media magazine has an extended on-sale period, commencing this Saturday (21 July) for London and surrounding areas, and then going on sale in the rest of the UK by Tuesday 24 July. It comes off sale on 2 August.
The special bumper issue contains an extra 72-page magazine containing a comprehensive TV guide to all 16 days of action at the Olympics.
The additional magazine offers guidance from the BBC's top Olympic presenters and experts, including Gary Lineker, Jonathan Edwards, Sharon Davies, James Cracknell and Brendan Foster, plus all the action on television for each day and each sport.
The print run has been increased by 200,000, and the special edition will be priced at £2.
Zoë Helme, associate publisher of the Radio Times, said: "There has been significant investment into the issue, including our first TV advert since 2006, making Radio Times an essential companion to London 2012."
The last time the Radio Times ran a TV ad was in May 2006 on terrestrial and selected Sky channels, to support a Radio Times 'Doctor Who' sticker album promotion. The TV ad campaign featured a voiceover by Sean Pertwee (son of the third 'Doctor Who', Jon Pertwee) and was produced by Miles Calcraft Briginshaw Duffy.
It featured a young boy awaiting delivery of his Radio Times 'Doctor Who' sticker album, only for his sister to beat him to it when his home-made robot costume got stuck in a doorway.