Sara Shirbeigi and Fereshteh Karimi combined to give the 2013 runner-up a 3-1 lead in the first half as they outplayed their opponents to score two more after the break.
China PR however, got on the scoresheet a minute later though defender Dong Jiabao’s effort.
After the break, Karimi scored her second in the 21st and Shirbeigi completed her hat-trick with an effort 10 minutes later as Shahrzad Mozafar’s side won 5-1.
"I am happy but I wanted to be more happy and win the silver or gold. But bronze is still valuable. It is still important. It is better than nothing," said Iran coach Shahrzad Mozafar.
"After losing in the semi-final we had time to talk to the players and inspire them so they could overcome their disappointment."
In the final match, Thailand shocked defending champion Japan 3-1 in a dramatic final.