The Australian Institute of Sport scholarship holder finished third in both her heats, before taking second place in the semi and moving through to the final.
Competing against three Koreans, a Hungarian and a Chinese skater in the final, Lockett skated well to finish just 0.7 of a second behind winner, Suk Hee Shim, from Korea.
"I had a good preparation leading up to this event," Lockett said. "I felt very strong and ready to race."
It was the Queenslander's best result in a World Cup event to date.
"Deanna is continuing to show her potential in the 1500m and contending with the world's best," coach Ann Zhang said.
"In the A final she skated with the three best Korean girls, Shem, Park and Cho. She made a pass on the outside and took the lead with seven laps to go, but then the Korean skaters got passed, but she still finished in fifth place.
"I'm so happy with the result. Deanna has made the B final before, and I made a plan in the warm up that she had nothing to lose.
"I had a good feeling this weekend, and it's what happened."
Rounding out a successful event for the Australian team, Lockett also placed 13th in the second 1500m event, Nate Henry had a significant PB while finishing 12th in the men’s 1500m and Julie Jung was 14th in the 500m.
The men's relay team finished in 12th.
Round four of the ISU World Cup continues next week in China.