In the dying moments of extra-time, the Argentina goalkeeper denied Randal Kolo Muani to keep his country in the game.
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The game went to extra-time then penalties but the France team thought victory was their when Kolo Muani was through on goal.
The substitutes were on the touchline ready to celebrate the late winner, but their dejection was there for all to see when Martinez kept the ball out.
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Matters could have been worse as the resulting Argentina attack from the save led to a chance on the other end, but Lautaro Martinez fluffed his header, and the final went to penalties.
In goal, the other Martinez then saved Kingsley Coman's spot-kick in the shootout, with Aurelien Tchouameni missing his.
On Twitter, Jamie Carragher pinpointed the last minute save as a key moment.
"This game showed why football is the greatest game of all. This one is an all-time classic. So many twists and turns, but the save from Emi Martinez was the biggest turning point."
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But his apparent gamesmanship in the shootout, where he attempted to put players off, was criticised by talkSPORT's Simon Jordan.
"Martinez's actions, I thought it was cheating, the holding of the ball and throwing it the other way," he said.
"The goalkeeper's actions, I don't think it was gamesmanship, I don't think it's part of the game, I think it's cheating.
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He later added: "For a referee to allow the goalkeeper to manipulate the circumstances, to heighten the pressure, to increase it, I think was one of the shortcomings in that moment in time."
For Martinez, though, his night just got better and better after that moment, as he was later given the Golden Glove for his performances throughout the competition.