Serbia battled to reduce the deficit in the remaining three periods, but Italy went on to reclaim that two-goal margin by full-time.
The Italians opened the scoring in the first minute of the match but Serbia equalised soon after.
Serbia thwarted an Italy power-play before breaking to score one of their own through captain Vanja Udovicic.
The Italians did convert a man-up to draw level, then two long-range deflected shots found their way into the Serbia goal to give the world champions a two-goal lead at the end of the first period.
Serbia had chances to score early in the second period, but two long-distance shots were saved and another rattled the woodwork. Instead, Italy struck first to take the score to 5-2.
Serbia responded by firing home a man-up opportunity and prevented the Italians from converting a power-play of their own. Again, the Serbs were denied by the woodwork, and again their defence stood firm to hold off an Italian man-up.
The sides traded extra-player goals in the final 70 seconds of the half to go into the break at 6-4 to Italy.
Serbia then fired in the first goal of the third period with a power-play to come within one score of their opponents, but Italy scored a man-up to restore the two-goal cushion.
Serbia should have netted twice from extra-player situations, but one close-range effort hit the upright, while another was saved by the head of the Italy goalkeeper Stefano Tempesti.
A back-shot from centre-forward Danijel Premus in the closing seconds of the period gave Italy a three-goal lead.
A crucial Serbia man-up in the opening minutes of the fourth period kept them in the game, and strong defensive displays against two Italian power-plays stopped their opponents from scoring.
But Italy went three up with 70 seconds remaining, and despite a Serbia goal in the last minute, Tempesti was kissing the ball in celebration before the final whistle.