The Blues earned a dramatic 4-3 penalty shoot-out victory after a stunning final at the Allianz Arena, yesterday.
Thomas Muller looked to have won the game with an 82nd minute header before Didier Drogba equalised two minutes before full-time.
Arjen Robben then saw his extra time penalty saved by Petr Cech before the tie went to penalties.
And it was Drogba who wrapped up a famous victory for Roberto Di Matteo’s men with the winning spot-kick in the most dramatic of endings.
Bayern had bossed possession for large periods of the match but wasted a host of gilt-edged chances to kill-off the Blues.
Robben curled an early effort into the stands and Mario Gomez glanced Franck Ribery’s cross over the bar from 10 yards out.
There was momentary panic in the Chelsea box when they failed to deal with a quickly-taken throw.
But fortunately for them, Toni Kroos failed to shoot when well-placed and eventually the ball was scrambled clear.
Robben then showed a flash of brilliance when he beat Jose Bosingwa on the edge of the box.
The Dutchman then nutmegged Gary Cahill before forcing a fine point-blank save from Petr Cech, who deflected the ball onto a post and out for a corner.
It was all Bayern and Robben was at the heart of their best moves.
And the former Chelsea star set up Kroos with a clever pass on 24 minutes, though the German flashed his shot well wide.
On the half hour, Robben was involved again - this time firing in a shot on the half volley which Cech dealt with comfortably.
Chelsea’s first effort on goal came after 33 minutes when Cahill surged forward and won a free kick on the edge of the area.
However, Juan Mata curled the resulting free-kick over the bar.
Bayern responded through Ribery, with the Frenchman cutting in from the left and hitting a shot just wide of Cech’s near post.