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The vast array of NBA superstars, led by LeBron James and Steph Curry, were trailing 76-63 after three quarters.
'To come back the way we did.
.
.
I've seen a lot of Team USA basketball and that was special,' said Curry, who finished with a game-high 36 points.
The comeback maintained the Americans' bid for a fifth successive gold in an Olympic event which they have dominated since it was introduced in 1936.
Serbia, led by Nikola Jokic, the NBA's reigning most valuable player (MVP), must settle for a chance at bronze when they face Germany earlier on the same day.
Pretty much every US Olympic squad since the 1992 Games has been compared to the 'Dream Team' led by Michael Jordan, and none have ever come close.
This Gen Z ensemble cast, featuring four NBA regular season MVP winners - James, Curry, Kevin Durant, and Joel Embiid - 11 NBA All-Stars, and seven NBA champions, is not far behind.
Coach Steve Kerr, himself one of the greatest bosses in NBA history, wondered how he would knit together five players from a 12-man squad where each could be a future Hall of Famer.
Against Serbia, it took a while for the individuals to get going as a team, with only Curry finding space to land his trademark three-pointers, keeping them within touching distance.
Jokic looked on course to upstage his American opponents, playing a key role as Serbia, who led by as many as 17 points, stifled them in a dominant first half.
Three-pointers from Durant and Embiid started to turn the tide in the last quarter before James bustled through to put them level at 84-84.
Curry landed another from behind the arc as the Americans led with two minutes and 24 seconds left - the first time they had been ahead since 45 seconds after the game started.
With an A-List crowd including rapper Travis Scott cheering them on, they closed out a memorable victory and danced in celebration on the court.
Serbia were unhappy with some of the refereeing decisions in the clutch moments, making their feelings known by lambasting the officials as they walked off the floor.
With jubilant fans celebrating inside the arena, and many more watching television screens outside Parisian bars, France moved into the gold-medal match for the second successive Games.
France faces a tough task to stop them again, although they also have an NBA superstar themselves in 20-year-old Victor Wembanyama.
The spindly 7ft 4in center, known as Wemby or the ‘Alien’ for his height and wingspan, lived up to the hype that preceded his first season at the San Antonio Spurs by winning rookie of the year.
His fine year has continued by being at the forefront of his nation’s Olympic run and he says the team will put their bodies on the line in order to beat the Americans.
'In our national anthem, we talk about blood, too.
We're willing to spill blood on the court,' said Wembanyama.