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The 20-year-old won bronze in the 3m springboard final in Kazan.
It was his second medal of the week after bronze in the 3m synchronised springboard with Chris Mears.
Laugher, who scored 528.9, led after the second of six rounds but was overtaken by defending champion He Chao of China (555.05) and Russia's Olympic gold medallist Ilya Zakharov (547.6).
Laugher said: "It was brilliant and one of the most fun finals I've been in in my life because everyone was pushing each other to new levels.
"Today just gives me more confidence. I'm still young, the guys who have beaten me are much older than I am so hopefully I'll become a better diver and competitor."
Tom Daley is the only other Briton to win an individual world diving medal - claiming gold at the age of 15 at Rome 2009.
Laugher's success was British third diving medal in the Russia event, with Daley and Rebecca Gallantree combining to secure team gold on Wednesday.
Leeds-based Laugher, a two-time Commonwealth champion, has had a good season, also winning the overall World Series title following three impressive victories.
Jack Laugher has become only the second British diver to ever win an individual World Championships medal.