Franklin’s time of 4:31.06 was more than six seconds ahead of silver medallist Rebekka Fugle, of the Faroe Islands, at the Lathbury Sports Complex at the Island Games in Gibraltar.
Mabel Lewis of the Isle of Wight came third.
Speaking immediately after her victory, Franklin said: “After getting silver in 2017 it made me work a lot harder and I really was hungry for winning gold.
“I’m super happy.”
Franklin and Fugle were locked in a tight tussle for the lead for the opening 800 metres, before Franklin began to pull away.
On her tactics for the race, Franklin added: “I knew I was going to take it steady for the 800 metres.
“The wind changed the way I was going to run it, but I always like running it hard and getting the win when I can.”
Franklin’s win wasn’t the only gold medal success for the Isle of Man yesterday.
Her compatriot Ashleigh Lachenicht won the women’s 400 metres in a time of 56.02, beating Eleanor Gallagher (Guernsey) and Ffion Roberts (Ynys Mon).
Going into day four of the Island Games, they sit on top of the medal table with 16 gold medals to second-placed Jersey’s 15.
Speaking of her island’s achievements in the athletics, Franklin praised her team-mates’ performances:
“I’m so happy because my boyfriend (Alan Corlett) started the week winning the 10,000 metres, and Ashleigh tonight winning the gold.
“My other training partner David Mullarkey coming away with silver (in the 800 metres), when his strongest event is over 1,500m, so it shows he is speedy as well.
“I’m just so happy to keep bringing the medals home for the Isle of Man.”