The baby's grandmother was walking alongside the river, near Victoria Street, on Friday when the pram she was pushing fell in the water.
James Williams and Andy Hill jumped in the river while Mickey Bramall fetched a life buoy before giving the youngster first aid.
West Mercia Police said the men's quick thinking averted a tragedy.
"We heard an almighty scream and shriek, turned around and saw the pram had gone over the edge," said Mr Williams.
"We instantly turned around and myself and Andy jumped straight into the river and Mickey went to get the life buoy."
Mr Hill said he was "really panicking" but said he did "what any parent would do" in his situation.
Mr Williams said it was a struggle to remove the baby from the pushchair because she was strapped in but they managed to get her to safety.
The youngster was taken by ambulance to Royal Shrewsbury Hospital and has since made a full recovery.
Mr Williams said the hundreds of messages of praise they had received following the rescue were reward in themselves.
The baby's mother told BBC Midlands Today it was difficult to put into words how grateful she was.
Det Insp Paul Mathison said the men were "incredibly heroic".
Three men have spoken about the moment they saved a six-month-old girl from the River Severn in Shrewsbury.