The Europeans' hopes of winning the tournament were ended by Spain, while the tournament co-hosts lost out to England in their semi-final tie.
Match preview
After cruising through the group stage, Sweden knocked out two former winners in the shape of the USA and Japan to set up a semi-final meeting with Spain.
Wolfsburg forward Rebecka Blomqvist looked to have sent the tie to extra time after she found the net in the 88th minute to cancel out Salma Paralluelo's opener.
As it proved, the two sides were on level terms for just 93 seconds, before Real Madrid's Olga Carmona produced a superb-long range strike which went in off the crossbar, securing Spain's passage to the final and ending Sweden's dreams of lifting the Women's World Cup trophy for the first time.
Unfortunately for Sweden, they have become used to participating in third-place playoffs, having lost three of their four semi-final appearances at the Women's World Cup.
On a positive note, they have emerged victorious from all three of their playoff appearances, and they have the chance to finish in third position in consecutive Women's World Cups after beating England 2-1 in 2019.
Australia's journey throughout their home tournament has captured a nation after they fought back from the brink of group stage elimination to progress to the Women's World Cup semi-finals for the very first time.
Matildas made an impressive start to the knockout rounds, easing past Denmark by a 2-0 scoreline, before winning a dramatic penalty shootout in their quarter-final tie with France to set up a last-four meeting with the old enemy, England.
After being deemed fit to start against England, Sam Kerr showcased all of her quality in the 63rd minute when she produced an unstoppable strike from distance to cancel out Ella Toone's opener.
To the disappointment of the home crowd, Australia were unable to build upon Kerr's equaliser, and goals from Lauren Hemp and Alessia Russo condemned the Matildas to a 3-1 defeat, ending their hopes of winning the ultimate prize.
While the Women's World Cup trophy may allude them, the Matildas have put women's football on the map in their country, demonstrated by the 11.15 viewers that tuned in to watch them in semi-final action, making it the most-watched television show in Australia on record.
They still have the chance to cap off a memorable campaign on a positive note, and for a nation that had never made it past the quarter-final stage before this tournament, securing third place would certainly represent success for Tony Gustavsson's side.
Sweden Women Women's World Cup form:
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Australia Women Women's World Cup form:
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Team News
Sweden head coach Peter Gerhardsson is expected to select the same starting XI for the fourth consecutive fixture.
As a result, Blomqvist will have to settle for a place among the substitutes despite coming off the bench to score against Spain.
Amanda Ilestedt is an unlikely contender for the Golden Boot, with the central defender currently one goal away from Japan's Hinata Miyazawa, who is leading the way with five goals.
As for Australia, Manchester City defender Alanna Kennedy is a doubt after missing the semi-final defeat through illness.
If Kennedy is unable to feature, the experienced Clare Polkinghorne will retain her place in central defence alongside Clare Hunt.
After finding the net on her first start of the Women's World Cup, Kerr will be looking to round off the tournament with another goalscoring display.
Sweden Women possible starting lineup:
Musovic; Bjorn, Ilestedt, Eriksson, Andersson; Angeldal, Rubensson; Rytting Kaneryd, Asllani, Rolfo; Blackstenius
Australia Women possible starting lineup:
Arnold; Carpenter, Hunt, Polkinghorne, Catley; Raso, Gorry, Cooney-Cross Foord; Kerr, Fowler