Goalkeeper Devon Manchester starred for the Black Sticks under the woodwork to secure the hard-earned win in the shoot-out against defending champions Australia after both the teams were tied 2-2 in regulation 60 minutes.
Drag-flicker Andy Hayward (5th minute, 58th) scored New Zealand's both goals while Australia struck late through Jacob Whetton (50th) and Nicholas Budgeon (60th) to take the match into the shoot-out.
It was a high intensity affair between the Trans-Tasman rivals and at one time New Zealand nearly sealed the match when Hayward converted a penalty corner just two minutes from the hooter.
In the shoot-out, only Whetton scored for Australia as Daniel Beale, Eddie Ocekden and Aran Zalewski faltered to hand New Zealand their second Azlan Shah title after 2012.
New Zealand's victory also snapped Australia's winning streak here as they stopped the Kookaburras winning their third consecutive triumph at the Azlan Shah Cup.
For the records, Australia have won the Azlan Shah Cup for a record eight times since the tournament's inception in 1983.
Surprisingly, all the three classification matches in this edition of the tournament were decided by shoot-out.
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