Despite their underdog status, Italy started well as Elena Linari headed Manuela Giugliano’s corner onto the crossbar inside just 10 minutes.
Moments later, they stunned the pre-tournament favourites and took the lead as Elisabetta Oliviero capitalised on an error from Mariona Caldentey to curl home her first-ever international goal.
However, like they did against Belgium last time out, Spain did not need long to punch back, as Athenea del Castillo slotted home beautifully into the corner after Alexia Putellas’ neat flick - the latter recording her sixth direct goal contribution of the tournament already.
The Spaniards dominated from there, yet received a scare when Irene Paredes handled in the box following a fast Italian break, but penalty shouts were thwarted by an offside in the build-up.
The interval, therefore, came at a good time for Spain to regroup, and La Roja wasted no time reasserting control of the contest, completing the comeback after just four second-half minutes.
Athenea went on a mazy dribble before she was intercepted, but the ball fell kindly to Patri Guijarro on the edge of the box, and she sweetly struck first-time into the bottom corner via the post.
Italy responded well to falling behind, as just after the hour mark, they almost equalised through Sofia Cantore, whose deflected shot was well-saved by Adriana Nanclares.
It was Spain who looked most likely to score again in the latter stages, though, with only a good hand from Laura Giuliani preventing Aitana Bonmatí’s curler from doubling the Spanish advantage.
Substitute Esther Gonzalez netted the third goal La Roja were searching for in stoppage time, turning home from Putellas' cross to put the seal on her side's third successive victory in this competition.
Despite defeat, Italy also reach the knockout stage as runners-up, but they did lose their five-game unbeaten streak in all competitions.
Flashscore Player of the Match: Athenea del Castillo (Spain)