Despite a near-faultless display in the final, Tom missed out on the individual gold he has long hoped for in the event.
However, he set a Team GB record as he has become the first British diver to win four Olympic medals.
Tom previously finished third in the 10m platform in London 2012 and synchronised 10m platform in Rio in 2016, and picked up gold alongside diving partner Matty Lee in the men’s synchronised 10-metre event last week.
While Tom rallied in his last two dives in Saturday’s final, an overall score of 548.25 left him in third-place, with Cao Yuan (582.35) took the gold medal, with Chinese compatriot Yang Jian (580.4) collecting silver.
He was flooded with messages from fans on Twitter, as ‘Congratulations Tom’ began trending on the social media site.
Tom’s husband Dustin Lance Black shared his pride at his win, tweeting: "Are you kidding me?! Another Olympic medal! Two for two! So so so proud of you my love! Now bring those medals home my sweet champion."
Following his bronze win, Tom told the BBC: “I’m so happy. Back in May I didn’t know if I would make it to the Games. If someone had told me then I’d win a gold and a bronze I would probably have laughed in their face.
“I’m extremely happy with a gold and a bronze and I’m so overwhelmed with all the love and support back home.
“It was close all the way through (the final) with the Chinese pair but they pulled away from me in the fourth round.”
The 27-year-old is keeping an open mind about his future after his successful Games in Tokyo.
“I’m going to take a break now but I’m feeling better, I feel like I’m a different athlete, so we’ll see,” he added.
The Games have also seen Tom become nearly as famous for knitting as his diving, after he was seen with his needles and yarn while watching events in the crowd.
Earlier this week, Tom modelled a commemorative Olympic cardigan he’d made while participating at Tokyo 2020.