Russell, who had led a restart after Ferrari's Charles Leclerc crashed heavily at the end of lap two, finished second - 3.857 seconds behind - after being hunted down by a teammate on fresher tyres late in the race with Max Verstappen a distant third for Red Bull.
The Briton had hoped to slash Antonelli's 59-point lead after the Italian took an engine penalty and lined up on the back row of the grid, with two other drivers starting in the pitlane, but instead ended up 66 adrift after 13 rounds.
"Oh my god, oh my god," screamed Antonelli over the team radio as he took the chequered flag as a winner for the seventh time this season and gave the crowd something to celebrate after Ferrari failed to make the podium.
"I am so happy and I could have never imagined to be here today. But we managed to pull it off and I'm really, really happy," he said later, after stepping out onto the podium to huge cheers.
The Italian, who swapped the lead repeatedly with Russell before pitting during a virtual safety car period while Russell stayed out, cut an 8.9 second gap to less than a second in 10 laps
However, he then appeared to have wasted his efforts. Trying to pass, he went into the gravel with four laps to go.
He still came back and took back the lead on lap 51 of 53 though, before pulling away.
"Our Italian hero. So deserved. That was a fantastic lap. I hated the last one, but it was fantastic," commented Mercedes team boss Toto Wolff over the team radio after the flag.
Russell said he did not have the tyres to fight back.
"It was looking like a pretty strong race from us, and then I was just struggling with the tyres towards the end. Obviously, we did the whole race on that one hard tyre," he said.
"I thought we were both going to stay out. I was surprised to see him pitting. In the end it was a roll of the dice both ways."
McLaren's reigning champion Lando Norris finished fourth with teammate Oscar Piastri fifth.
Ferrari's Lewis Hamilton was sixth, after starting fourth and clashing with Leclerc on the opening lap.
Pierre Gasly, the initial pole sitter for Renault-owned Alpine, was seventh with Racing Bulls' rookie Arvid Lindblad eighth and Alpine's Franco Colapinto ninth. Racing Bulls' stand-in Yuki Tsunoda completed the scoring positions in 10th.