Panghal bettered his silver from the last edition as he out-punched European Championship silver medallist England's Kiaran MacDonald.
Panghal, who is vying to win the yellow metal after his silver in the last edition, came from behind to beat an aggressive Patrick Chinyemba of Zambia.
Panghal had won a silver medal during the last edition in Gold Coast.
Indian men's table tennis team will be in action in their semifinal on Monday.
The other six boxers who made their way into the Indian team include 2018 bronze medallist Mohammad Hussamuddin (57kg), Rohit Tokas (67kg), reigning national champion Sumit (75kg), Ashish Kumar (80kg), Sanjeet (92kg) and Sagar (92kg+)
The 21-year-old became only the seventh Indian male boxer to secure a medal in the marquee competition.
Colombia's Yuberjen Martinez stunned the world No. 1 in the pre-quarterfinals.
Second-seeded Mary Kom notched up a comfortable 5-0 win over Philippines' Irish Magno in her quarterfinal bout for a ticket to her second Olympic Games.
Panghal lost 0-5 but the scoreline was hardly a reflection of the fight he put on against the more fancied Zoirov.
Second seeded Panghal prevailed 3-2 against Kazakhstan's Saken Bibossinov in the last-four stage.