While La Roja swept past Japan in the quarter-finals, their neighbours from across the Strait of Gibraltar made light work of the USA.
Match preview
Having been consigned to runners-up spot behind Egypt, who were 2-1 winners in the teams' final Group C game, Spain were faced by opponents that had won all three of their matches at this summer's Olympic Games.
Nonetheless, Santi Denia's side were inspired by Barcelona star Fermin Lopez and strode to a 3-0 win over Japan: his first goal was impressive, but the second was spectacular, as he controlled the ball beautifully before volleying home from outside the area.
Girona's new signing Abel Ruiz, who impressed in Portugal's Primeira Liga last season, was also on the scoresheet in Lyon, as La Roja eased into the final four.
Olympic champions on home turf in 1992, Spain then reached the gold medal match at Sydney 2000, and they are ultimately aiming to go one better than three years ago in Japan, when they lost out to Brazil in the final.
A team featuring Eric Garcia - who is back in the squad after coming so close three years ago - also hope to emulate the success of Spain's senior team at Euro 2024.
If they are to make it a golden summer by taking top spot on the Paris podium, though, they must first get past Morocco - then either Egypt or hosts France will await in the final.
Of course, Tarik Sektioui's squad will have other ideas, as Morocco's Olympic team follow on from the national side by making it to a major semi-final.
Captain of the Atlas Lions this summer, Achraf Hakimi played a major part in their memorable run to the latter stages of Qatar 2022, and the Paris Saint-Germain star was back on familiar turf for Friday's quarter-final clash with the United States.
The flying full-back even scored as his team dominated the Americans in front of a partisan crowd at Parc des Princes, with top scorer Soufiane Rahimi putting them ahead from penalty spot before Ilias Akhomach and Hakimi added two more.
Mehdi Maouhoub's stoppage-time spot-kick then wrapped up the win, and having previously topped Group B ahead of Argentina, the Moroccans are strong contenders to go all the way to Friday's final.
Winners of last year's Under-23 Africa Cup of Nations, where they beat Egypt to take the trophy, they could face a possible re-match with the Pharaohs in the gold medal game - but a strong Spain side stand in their way.
Morocco Olympic Games Men's Football form:
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Spain Olympic Games Men's Football form:
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Team News
Having switched up his squad for Spain's group-stage defeat to Egypt, Santi Denia reverted to his strongest starting XI on Friday, bringing Juan Miranda, Eric Garcia, Alex Baena and several others back in.
Barcelona prodigy Pau Cubarsi also returned after serving a suspension, and La Roja's lineup is set to stay more or less the same for the semi-final.
Therefore, PSG's Arnau Tenas starts in goal, while Abel Ruiz should lead the line up front, supported by Fermin Lopez and Sergio Gomez. Highly-rated forward Samu Omorodion - who impressed on loan at Alaves last season - will hope to make an impact from the bench.
Meanwhile, Morocco's attack is spearheaded by Soufiane Rahimi, who has scored five goals in four games so far, and former Barcelona wingers Ilias Akhomach and Abde Ezzalzouli should line up either side of the Al-Ain striker.
Rahimi is one of three overage players in an otherwise Under-23 squad, with the most prominent being captain Achraf Hakimi; central-defensive pairing Mehdi Boukamir and Oussama El Azzouzi will join him in a back four.
Morocco possible starting lineup:
Mohamedi; Hakimi, Boukamir, El Azzouzi, El Ouahdi; Targhalline, Richardson; Akhomach, El Khannouss, Ezzalzouli; Rahimi
Spain possible starting lineup:
Tenas; Pubill, Cubarsi, Garcia, Miranda; Barrios, Baena; D. Lopez, F. Lopez, Gomez; Ruiz