The Great Barr-based athlete defeated Colombia's Camilo Cardona by two points in the compound men's event with a final score of 143-141.
Archery GB team manager Jon Nott said: "This medal is testament to the training and hard work that Adam has put in throughout the past few months and years.
"The World Championships are the pinnacle of the compound sporting calendar and there were a huge number of talented archers at this year's event, which was one of the largest tournaments to date. With 623 archers from 96 nations, it really is a fantastic success for Adam to achieve a bronze medal against such a competitive field."
Ravenscroft took out top seed India's Abhishek Verma on his way to bronze.