Japan's Daiki Hashimoto claimed gold and Russian Nikita Nagornyy took bronze.
It was the first Olympic medal for Srbić after winning a gold in the world championships in Montreal in 2017, a silver in the world championships in Stuttgart in 2019 and two silvers in the European championships in 2019 and 2020.
This was also the eighth medal for Croatia at the Tokyo Olympics. Croatia has so far won three golds, three silvers and two bronzes.