Cycling great Anna Meares has added to her legend by becoming the first Australian athlete to win four individual medals at four Olympic Games.

The 32-year-old took bronze in a tightly-contested women's keirin final in Rio.

It is her sixth Olympic medal, making her Australia's most decorated cyclist in Games history.

"I'm very proud," Meares told the ABC after her race.

"I had two goals for this competition and that was to better my place in the keirin from London, which was fifth, and to win a medal.

"I've done that - I've checked all my boxes."

Meares narrowly missed out on silver to Brit Becky James. ( Getty Images: Bryn Lennon )

Meares was tucked into third place behind the pacemaker during the opening stages of the race, before swinging out with just over two laps remaining.

"Unfortunately I stepped into the bend three wide coming into the finish line and that cost me a little bit of speed," she said

"But at the same time I had to go, so I'm really pleased."

Loading

Dutchwoman Elis Ligtlee won in a blanket finish from the British rider Becky James, with Meares a close third.

"I had my elbows out, trying to get everything out of myself," said Meares.

"My old BMX days were coming back!"

Meares is Australia's team captain and flag bearer at these Games, and she says winning a medal in the keirin means she has fulfilled all of her ambitions in Rio.

"This was the main motivating force to keep riding from London, to better my result from this event," she said.

After narrowly missing a medal in the women's team sprint, Meares believes winning bronze will lift the pressure from her heading into her final event, the individual sprint.

"I tell you what, I'm taking a free swing in that!," she said

"All my goals were for this event (the keirin), so tomorrow I'm just going to go out there and have fun."