The 17-year old Queenslander finished less than four hundredths of a second behind Korean skater, Do Hee Noh, to take her first medal in international competition.
Lockett powered through the early stages of the competition, winning both her heat and her quarter final, on the way to the semi-finals.
She took second place in her semi, just behind eventual winner Do Hee Noh, to reach the six-skater final, where she faced two Koreans, two Chinese and a Russian.
Recent illness has taken its toll on the young Australian, with team coach, Ann Zhang, designing special warm up drills before her races.
However, it was this preparation, along with Lockett's clever race tactics, that helped her to secure the bronze medal.
The ISU World Junior Championships continue until Sunday, with Lockett and fellow Australians, Pierre Boda, Nate Henry and Armstrong Lazenby in action.
Final results - Ladies 1500 metres
1. Do Hee Noh (KOR), 2m32.853s
2. Evgeniya Zakharova (RUS), 2m33.164s
3. Deanna Lockett (AUS), 2m33.214s
4. Alang Kim (KOR), 2m33.665s
5. Yutong Han (CHN), 2m33.881s
6. Han Xiao (CHN), DNF