Australia has been eliminated in the quarter-finals by Fiji after a spirited defensive effort.
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The defending gold medalists were too strong as Sevens legend Jerry Tuwai ran in two tries to seal the win and their place in the semi-finals.
CHECK OUT THE RECAP FOR ALL THE ACTION FROM DAY TWO
Australia has been eliminated in the quarter-finals by Fiji after going down 19-0.
Fiji would dominate possession, finding the opening try through Jerry Tuwai.
As Australia looked to answer back, the Fiji defence held strong to keep out Lachie Anderson.
They would control the second half as Australia defended valiantly, eventually breaking through for two late tries
CHECK OUT THE FULL RECAP BELOW
13': Fiji score their third to seal the win through Aminiasa Tuimaba to seal the win.
12': After some incredible defence, Fiji eventually burst through for their second via Tuwai
9': Fiji burst through but some strong Australian defence forces the knock on.
6': Lachie Anderson looked set to score in the corner, however, is stopped in a brilliant goal-line tackle
5': Longbottom on for Australia, replacing Kerevi
4': Fiji score first through the immortal Jerry Tuwai
HUTCHISON, KEREVI, ROACHE, TURNER, MALOUF, HOLLAND AND ANDERSON START FOR AUSTRALIA
Argentina have pulled off the win of the tournament, defeating South Africa 19-14 despite finishing the game with five.
After an early South Africa try, Argentina's misery was compounded when Gaston Revol was sent off for a high tackle.
However, this galvanised Los Pumas Sevens, who took the lead right on the half-time siren with two tries against the run of play.
Whilst Matias Osadczuk would hobble off the field, Santiago Alvarez would find a way over the line to extend the lead.
A penalty try and a yellow card to Lautaro Bazan Velez falled to stop the fairytale win for the five-men Pumas, who seal a famous win
Great Britain has pulled off the finest comeback of the tournament, defeating USA 26-21.
After losing the inspirational Tom Mitchell inside one minute, Danny Barrett compounded the loss to open the scoring for the USA.
This allowed America to race away with the lead, with Perry Baker scoring two quick tries to extend the margin to 21-7 at half-time.
However, a yellow card to Steve Tomasin provided GB with the opportunity to fight back, levelling the scores at 21-all before Dan Norton gave them the lead.
With USA on the attack, Great Britain would close the game out, pulling off an incredible comeback.
A Scott Curry double has powered New Zealand to a 21-10 victory over Canada in the first quarter-final.
Andrew Kewstubb opened the scoring for the Kiwis as they fought for a spot in the semi-final.
With memories of Rio on their mind, captain Scott Curry stepped up, scoring tries on either side of the break to give NZ a commanding 21-0 lead.
Whilst Canada struck late twice, it wasn't enough as the All Blacks Sevens booked their place in the semi-finals.
Kenya have bounced back from a slow start to defeat Japan 21-7.
The hosts were keen to put on a show and captain Chihito Matsui crossed to give them the early lead.
However, it was all Kenya from here as they scored 21 unanswered points to set up a clash with Ireland for ninth place.
Ireland have dominated the Republic of Korea 31-0 to advance in the ninth-placed play-off
The Irish got off to the perfect start through Mark Roach and Jordan Conway after narrowly missing out on the knock-out stage.
They would close the game out as Conway and Gavin Mullin crossed for their second try of the game as they cruised to victory over Korea.
Australia will play Fiji in the quarter-finals of the Tokyo 2020 Rugby Sevens.
They qualified as the top third-ranked placed side after a narrow 14-12 loss to New Zealand.
A win over the defending gold-medalists will see them take on either South Africa or Argentina.
THE FULL DRAW IS AS FOLLOW (ALL TIMES AEST):
QF 1: New Zealand vs Canada (18:30)
QF 2: Great Britain v USA (19:00)
QF 3: South Africa v Argentina( 19:30)
QF 4: Fiji v Australia (20:00)
South Africa have held off the USA 17-12 to claim top of Pool C.
Both teams couldn't be separated at the break as they pushed to quality first for the quarter-finals.
However, the class of the Blitzboks would shine through as Selvyn Davies crossed for his second to secure the hard-fought victory.
A narrow 12-7 win was not enough for Ireland to qualify for the knock out stage despite beating Kenya.
Ireland opened the scoring through Hugo Lennox and Harry McNulty, needing to win by more than seven to qualify for the finals.
Whilst Kenya would score late, they couldn't close out the victory, leaving both teams out of the quarter-finals.
11': Andrew Knewstubb breaks two tackles and crosses as the Kiwis take the lead
9': Off the restart, Collier is yellow carded for a dangerous tackle
8': New Zealand answer straight after the break through Dylan Collier
6': The skipper Nick Malouf extends the lead for Australia as they dominate possession in the first half.
2': Samu Kerevi opens the scoring for Australia after some explosive footwork
ONE CHANGE FOR AUSTRALIA: LEWIS HOLLAND IS IN FOR NATHAN LAWSON
Argentina has cruised to victory over Korea 56-0, securing their place in the quarter-finals.
Los Pumas Sevens set the tempo of the game, scoring within the first 30 seconds.
They would dominate Korea, racing out to a 28-0 lead at half-time.
A yellow card to Kun Kyu Han before the break allowed Argentina to extend their lead.
Fiji have cemented their position on top of Pool B after thumping Great Britain 33-7
Asaeli Tuivaka capitalised on some strong attacking phases, crossing in the corner, shortly followed over by Sireli Maqala, who came into their squad as the 13th player.
Tuivaka would bring up his double after the break as the defending champions sent a message to the rest of the competitions.
Canada has kept their quarter-final hopes alive as they thumped Japan 36-12 thanks to a Connor Braid hat-trick
Braid opened the scoring for the Canadians with two tries in the first five minutes as they pushed to qualify as one of the third-place finishers.
Kazushi Hano would reduce the margin for the hosts, however, Braid would bring up his hat-trick shortly afterwards, with Phil Berna and Justin Douglas sealing the big win with a try off the bench.
The men's Sevens side will next play against defending World Series champions New Zealand on Tuesday, July 27 at 11:30 am.
They will be looking to win to ensure their place in the quarter-finals, whilst a loss will have them requiring on qualifying as one of the best two third-place finishes.
Australia's third game of the tournament against New Zealand will be shown on 7mate.
The contest is expected to get underway at 11:30 following Argentina's clash with Korea.
The Seven Network has exclusive rights to broadcast every event of the Tokyo Olympics in Australia.
Events, including every game of the Rugby Sevens, will be shown on television across their three respective channels: 7, 7TWO, and 7mate.
They will also be live streaming their televised events via 7+ which will have a dedicated Olympics channel that can be accessed online or via the app.