MORE: Asian Cup - Socceroos Triumph Photo Gallery | AS IT HAPPENED: Socceroos claim epic Asian Cup Final
South Korea make the early running
It took almost 30 minutes for a frenetic, physical contest to produce some clear sights of goal and it was the Taeguk Warriors who went closest.
First Kwak Tae-hwi was allowed a free header that he sent wide of the post in the 23rd minute.
Although Tim Cahill returned fire with a shot on target a minute later, Socceroos hearts skipped a beat in the lead up to half-time, as Son Heung-min volleyed narrowly over the bar and then had a shot desperately blocked behind as Massimo Luongo made a quality defensive tackle.
Both chances came after Australia were beaten by Korea overlapping down the flanks, sending alarm bells ringing throughout the hosts' backline and coaching staff.
Luongo cements star status
The breakout talent of the tournament, leading Australia for assists and chances created going into the final, the Swindon Town midfielder confirmed his status as the Socceroos' newest and brightest hero by firing his team ahead shortly before half-time.
Collecting a smart pass up the middle from Trent Sainsbury, the Tottenham Hotspur academy product showed exceptional control and awareness to release himself in on goal with only one touch.
There was still plenty to do and few expected a shot from long range, particularly Kim Jin-hyeon.
South Korea's goalkeeper could only dive to his left in despair as Luongo's rifled finish flew into the back of the net, sparking delirium in the stands.
Rearguard action takes Australia close
No-one would pretend the Socceroos were anything other than under siege in the second half at Stadium Australia, with South Korea dominating possession and probing, seemingly without reward.
Australia's centre-backs Trent Sainsbury and Matthew Spiranovic were twin pillars of strength at the back, clearing aerial threats and showing composure on the ball to snuff out the mounting danger.
Goalkeeper Mathew Ryan also had an important role in dealing with crosses and balls across the face of goal, as the Taeguk Warriors' wide forwards repeatedly found themselves in behind Australia's exposed fullbacks.
World-class Son supplies late drama
Bayer Leverkusen forward Son Heung-min, arguably the most talented player on the pitch, was a menace to Australia throughout the 90 minutes and beyond in Sydney, postponing the celebrations with a ice-cool finish in injury time.
As South Korea finally found the killer pass through the Socceroos' backline, Son made no mistake with the crucial chance, guiding a lofted finish to the near post, out of reach for the onrushing Ryan.
New generation announce their arrival
With Tim Cahill long since subbed off and Mark Bresciano unused on the bench, there wasn't a member of the 'golden generation' in sight as Australia searched for a would-be hero.
Fittingly, it was two of the new brigade who came up with the goods at the half-way mark of extra-time. Western Sydney's brash, instinctive centre-forward Tomi Juric - flagged by some as Cahill's potential successor - showed strength and tenacity to hold off his man and then supplied a dose of fantasy to beat him and break into the area, dancing along the by-line.
His cutback, initially cleared by the South Korea defence, fell to the feet of Bresciano's apprentice James Troisi, on as a substitute for the stricken Robbie Kruse.
He smacked an emphatic finish into the roof of the net and the venue erupted. The rest, as they say, is history.