Visual imitation learning enables robotic agents to acquire skills by observing expert demonstration videos. In the one-shot setting, the agent generates a policy after observing a single expert demonstration without additional fine-tuning. Existing approaches typically train and evaluate on the same set of tasks, varying only object configurations, and struggle to generalize to unseen tasks with different semantic or structural requirements. While some recent methods attempt to address this, they exhibit low success rates on hard test tasks that, despite being visually similar to some training tasks, differ in context and require distinct responses. Additionally, most existing methods lack an explicit model of environment dynamics, limiting their ability to reason about future states. To address these limitations, we propose a novel framework for one-shot visual imitation learning via world-model-guided trajectory generation. Given an expert demonstration video and the agent's initial observation, our method leverages a learned world model to predict a sequence of latent states and actions. This latent trajectory is then decoded into physical waypoints that guide the agent's execution. Our method is evaluated on two simulated benchmarks and three real-world robotic platforms, where it consistently outperforms prior approaches, with over 30% improvement in some cases. The code is available at https://github.com/raktimgg/osvi-wm.