Jorginho scored the winning spot kick but struggled for control in the game while Dani Olmo impressed on the losing side.
Here, Sportsmail's Tom Collomosse offers his verdict on the players with his ratings out of 10.
Italy claimed victory over Spain on penalties in the Euro 2020 semi final at WembleyInsurance Loans Mortgage Attorney Credit Lawyer
GIANLUIGI DONNARUMMA 7
Good stop to deny Olmo from point-blank range but put his team in unnecessary trouble with two poor clearances. Key save from Morata in the shoot-out.
GIOVANNI DI LORENZO 6
Detailed to stop Torres and was ticked off by referee Brych for one hefty challenge on the Manchester City winger close to the touchline.
LEONARDO BONUCCI 7 - Booked
Would have been surprised not to have to mark his Juventus colleague Morata and had to adapt to the more elusive Olmo.
Leonardo Bonucci was solid in the heart of the Italian defence as ever for the Azzurri
GIORGIO CHIELLINI 7
Turns 37 next month yet his appetite for the sharp end of competition remains. Rugged in the challenge but his passing was sometimes awry.Insurance Loans Mortgage Attorney Credit Lawyer
EMERSON PALMIERI 7
Chosen to deputise for the injured Leonardo Spinazzola and the Chelsea man created an early chance for Immobile. Deflected cross shot clipped bar.
NICOLO BARELLA 6
Was a fraction offside with a dangerous early run and was always energetic. Mistake let in Ferran Torres for a shot wide.
Spain’s dominance of the ball took ‘The Professor’ out of his comfort zone and meant he had to help out in defence more than he would like.
Jorginho scored the winning penalty but lost control of the midfield against Spain
MARCO VERRATTI 6
Helped Jorginho run the show against Belgium but here wherever the Paris St Germain midfielder went, Koke followed him.
FEDERICO CHIESA 7
Busy night up and down the right flank duelling with Jordi Alba before scoring a fine goal on the break on the hour mark.
CIRO IMMOBILE 6
Delayed too long when Emerson teed him up after rounding goalkeeper Simon though he was always full of running despite being isolated.
LORENZO INSIGNE 7
Almost played in Immobile with a clever early