It's just a second Winter Olympic women's ice hockey medal for the Eisgenossinnen after bronze in 2014, while Sweden's wait for a first medal since silver in 2006 goes on.
The two sides came into this match after experiencing very different kinds of semi-final disappointment - Sweden were outclassed 5-0 by the United States, while the Swiss came up just short against Canada, losing 2-1.
A medal on the line made for a nervy opening period at PalaItalia, in which either side could consider themselves disappointed not to break the deadlock, as the Swedes led the shot count 8-5, but the Swiss did not make use of the only powerplay, after Anna Kjellbin was called for cross-checking.
Seven minutes into period two, there was no doubt who had missed the biggest chance, as Thea Johansson fouled Ivana Wey when the Swiss was through on goal, and the referees awarded Switzerland a penalty shot. Wey stepped up, by Swedish goaltender Ebba Svensson Traff stood firm and made the save.
Following that let off, it looked like Sweden's day with 8:20 left in the second, when Hilda Svensson carried the puck well in the Swiss zone before finding Mira Jungaker at the blue line, her shot flew through traffic and in off the pipes to give Sweden the lead.
However, the advantage lasted all of four minutes exactly, as Sinja Leemann stole the puck in the Swedish zone, poked it through to Alina Marti, and got in the right place in front of the net to beat Svensson Trapp when receiving Marti's pass from behind the net.
In the third period, the Damkronorna had more than double the shots on goal as their opponents, but they could not find a way past Andrea Brandli. Neither side could capitalise on a powerplay apiece, as Kjellbin again and Lena Lutz both spent two minutes in the box, and so overtime was required.
Laura Zimmerman forced a huge save from the Swedish goaltender in the third minute - a rare chance as neither side wanted to give an inch in the 3-on-3 extra period. Despite dominating the shot count in regulation, Sweden seemed to be lacking attacking ideas as time wound down.
Finally, in the final minute of the extra 10, Alina Muller added an injection of pace down the centre, played a one-two with Wey on the left, and buried the shot past Svensson Traff to win the match 2-1 and bronze for Switzerland.
At 19:10 CET, North American rivals United States and Canada will face-off for the Olympic title.