The Blues were on the knees on a couple of occasions throughout the contest but in the end came up with the goods thanks to Didier Drogba's penalty conversion after the match ended 1-1 after extra-time.
Bayern were the better team during regular time and the extra half-hour in terms of possession and chances created but it counted for nothing as Chelsea held strong to win 4-3 on penalties to become European champions for the first time.
After producing a number of chances in the first half, Bayern went ahead in the 83rd minute when Thomas Muller got on the end of Bastian Schweinsteiger's cross from the left to head the ball into the ground, over Petr Cech and into the back of the net.
Just as it seemed as though Chelsea's hopes of victory were dashed, Drogba popped up to powerfully head home Juan Mata's corner (Chelsea's first of the match) from the right at the front post, sending the travelling Blues fans into raptures.
There was even more drama when Drogba clipped the ankles of Franck Ribery in the area in the fourth minute of extra-time with referee Pedro Garcia Proenca pointing to the spot but Arjen Robben's effort was brilliantly saved by Cech who singlehandedly kept the West Londoners in the contest.
Bayern had an astounding 34 shots on goal throughout but were made to sit through a penalty shootout with Cech denying Ivica Olic and Schweinsteiger after Manuel Neuer had kept out Mata's earlier attempt before Drogba stepped up to do the business giving Roberto Di Matteo and his men an historic victory.
UEFA Champions League final
Allianz Arena, Munich - 62,500