Belgium goalkeeper Vincent Vanasch had his first gold-sealing shootout save wiped off the board by video review, but proved adept with his second chance to give his country gold.
1-1 after 60 minutes, Belgium won 3-2 in the shootout to claim gold four years after taking silver in Rio.
Scoreless at halftime thanks to a spectacular save from Australia goalkeeper Andrew Charter, Belgium didn't need long to find the back of the goal in the second half.
Florent van Aubel tracked a loose ball to the doorstep, out-racing Charter to a loose ball and slashing home for his second goal of the tournament and a 1-0 lead for Belgium.
It stayed that with until 47 minutes were played and Tom Wickham tied the score at 1-1.
That send the nations into a shootout, and Australian star Blake Govers couldn't score and Van Aubel did before both teams made their second attempts work for goals.