Following a photo-finish in the Moto 3 class, the third place went to home-country hero Romano Fenati (KTM), who crossed the line side by side with the Mahindra.
A photo-finish gave him the position by barely the width of a tyre.
Bagnaia claimed a career-first podium two weeks ago at Le Mans. The Italian protege of Valentino Rossi had started from the third row of the grid, but showing experience and race-craft that belied his 18 years, shot off the line to play a leading role in a mammoth fight round 20 laps of the spectacular and scenic Mugello circuit.
Bagnaia's strategy was perfectly timed. He moved back into the top three for the 18th and 19th laps, and was lying second on the final lap, and third on the exit from the final corner.
The top six flashed across the line within less than four hundredths of a second, behind KTM-mounted inner, ex-Mahindra rider Miguel Oliveira.
The next race is the Catalunya GP at Mugello, in two weeks.
"I am happy with the result, because it is important to stay at the front for the championship. But I have mixed feelings, because I really tried my best for the podium today, but it was not possible. On the last lap I was second, then Danny Kent passed me in the last corner, and I ran a little wide. So I finished fourth," Bagnaia said.
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