The 15-year-old, competing against older divers, came fourth in the platform event with 493.85 points.
The competition was won by Dixon’s Great Britain team-mate Matty Lee, who scored 588.25.
Russian Nikita Shleikher came second with 556.55, and France’s Alexis Jandard third with 526.20.
Dixon’s position matched that of his cousin Shanice Lobb, who also agonisingly missed out on a medal in the women’s platform final.
Despite just failing to grab a podium place, Dixon was reasonably happy, especially after dropping a dive in the qualifying round that left him badly bruised.
He said: “Considering I had a dropped dive I’m really happy with today,” he said. “Competing against the big guys is tough but considering I’m only young I’ve still got a few years to catch up with them.
“The last 18 months have been a big step up bit I’m really happy with it.”
Meanwhile, fellow Plymouth diver Natasha MacManus, competing for Ireland, came 10th in the women’s three-metre springboard final.