After a battle, the Poles lost 2:3 (25:19, 18:25, 25:23, 31:33, 11:15).
"We regret the lost chance but I can only think positively about my team" coach Jacek Nawrocki told Polish Press Agency PAP after Saturday's horror-story defeat.
With their 3:0 win against Azerbaijan, Poland had won Pool A in CEV European qualification for the Olympics.
The winning team in the semi-finals secures a place in the women's volleyball competition in Tokyo to be held July 24 to August 9.
Pool B winners Germany defeated the Netherlands 3:0 and take on Pool B runner-up Turkey in Sunday's final match at Omnisport hall in Apeldoorn.
Italy, Russia and Serbia have already secured their participation in the 2020 Tokyo Olympics.
Source: IAR, PAP