A strong start allowed 2022 gold medallist Naslund to win her heat at a canter on her bid to retain the title, before she repeated the trick in her quarter-final, opening up a big lead midway down the course before cruising to victory, 0.17 seconds clear of Italy's Jole Galli.
On the other side of the draw, 2022 bronze medallist Maier was determined to go better this time, looking very strong in her opening two races before winning the first semi-final easily, clear of France's Marielle Berger Sabbatel, who edged Swiss racer Talina Gantenbein in a photo finish to reach the final.
In the second semi-final, Naslund came under real pressure from Switzerland's Smith, with the two making contact as Smith attempted an overtake down the inside. The Swede held on to first in a photo finish as she and the Swiss reached the final, with Galli coming up just short in a tight contest.
That meant it was the top four on the World Cup tour who would contest the Olympic final, and a lightning start from Maier meant she reached the first corner in the lead, narrowly ahead of the Swede.
The Kramfors native was awaiting her chance to overtake, but contact with the back of Maier's skis on landing at a jump midway down the course saw her lose momentum and fall to third, behind Smith.
Berger Sabbatel then put the Swede under pressure, but the reigning champion was able to shut the door on the Frenchwoman, on hold on to bronze, as Maier held off a late challenge from Smith to win by less than a ski's length.
It's a sixth gold of the games for Germany, while Naslund earns a 16th medal in total for the Swedish team. The small final was won by Gantenbein to finish in fifth place overall.