After defending his Olympic Championship, Nazaryan moved up in weight again, this time to lightweight (60 kg). Nazaryan had a very successful 2002 and 2003, becoming a World Wrestling Champion and European Wrestling Champion in both years. It had seemed Nazaryan might become one of only a few people to become three-time Olympic Champions in wrestling, but this would not be the case. At the 2004 Summer Olympics, Nazaryan was defeated by eventual Olympic gold medalist Jung Ji-Hyun in the semifinals. Nazaryan did, however, defeat Aleksey Shevtsov in the bronze medal match to win the Olympic bronze medal, Nazaryan's third and final Olympic medal.