After a cagey first half where defences came out on top, La Roja were quick out the blocks in the second half and broke the deadlock through a slick Nico Williams finish, with the assist provided by his fellow attacking menace Lamine Yamal.
However, a star in the making for England - Cole Palmer - levelled with a stunning strike of his own in the 73rd minute, but Spain possessed their own super substitute in Mikel Oyarzabal, who prodded home the late goal that put the Henri Delaunay trophy back in Spain's possession.
Here, Sports Mole provides in-depth analysis of La Roja's success in the Euro 2024 final, including highlights, man of the match and stats.
HIGHLIGHTS
12th min: John Stones shows Williams the outside and the Athletic Bilbao man still gets his shot away, but Stones puts in a terrific block to put the ball behind for a corner.
17th min: England growing into the game after a tentative start, but Declan Rice's long-range strike is charged down.
22nd min: Phil Foden is robbed of the ball in a dangerous area and Yamal tries his luck from an Ollie Watkins angle, but Marc Guehi turns the ball behind.
28th min: Guehi is in the right place at the right time again, taking the sting out of a Fabian Ruiz strike which loops into the hands of Jordan Pickford.
45th min: Jude Bellingham nicks the ball off of Dani Carvajal in a dangerous area and feeds Kane, but Rodri is well-placed to block his attempt.
45+1 min: Foden has England's first shot on goal from a free kick, but his volley on the stretch is saved by Unai Simon at his near post.
HALF TIME: SPAIN 0-0 ENGLAND
47th min: GOAL! SPAIN 1-0 ENGLAND (WILLIAMS)
47th min: The perfect start to the second half for Spain and they have their young wing wizards to thank! Yamal smartly lets the ball run across his body and bursts forward before picking out the run of Williams, who blasts a clinical first-time finish past Pickford and into the far side of the net.
49th min: Williams very nearly turns provider with what may have been a scuffed shot, which turns into a useful pass for Dani Olmo, but he drags his shot wide.
55th min: Alvaro Morata gets in behind Guehi and pokes the ball past an onrushing Pickford; his strike may have been going wide, but Stones hacks clear just to be safe.
56th min: England well and truly up against it at the start of the second half. Williams has another strike from about 25 yards, which flies wide of Pickford's far post.
64th min: Bellingham produces an exquisite turn to evade the attention of Real Madrid teammate Carvajal, but his strike from inside the D flashes just wide.
66th min: Yamal cuts inside Shaw as Spain break quickly, but Pickford gets down to his right to push the Barcelona youngster's strike behind.
73rd min: GOAL! SPAIN 1-1 ENGLAND (PALMER)
73rd min: Southgate's substitutions have a massive impact once again! The Three Lions break down the right through Saka, whose ball into Bellingham ends with the Real Madrid man teeing up Palmer to curl in an exquisite side-footed equaliser from 20 yards.
82nd min: Sublime build-up play from Olmo and Williams sees Yamal presented with a promising chance, but he fails to get enough curl on his strike and Pickford can beat it away.
86th min: GOAL! SPAIN 2-1 ENGLAND (OYARZABAL 86')
86th min: Spain are deservedly back in front through a substitute of their own! Once again, Spain have far too much time and space down the left, where Marc Cucurella just beats Walker to the ball to put in a first-time cross, and Oyarzabal just about stays onside, gets goal-side of Marc Guehi and taps in!
90th min: How have England not equalised?! Simon saves a Rice header, Guehi's follow-up is cleared off the line by Olmo and Rice finally heads over the top.
FULL TIME: SPAIN 2-1 ENGLAND
MAN OF THE MATCH - NICO WILLIAMS
While Yamal was under Shaw's control in the first half, Williams was carrying the fight to England - albeit unsuccessfully for the first 45 minutes - before converting his 47th-minute strike like a seasoned number nine.
The Athletic Bilbao attacker was also heavily involved in Spain's scintillating passing sequences in the second half and came close to notching a brace as well, making him fully deserving of a man of the match prize and a winners' medal around his neck.
STANDOUT MOMENT
It would have been easy to select Oyarzabal's title-winning goal for the standout moment, but there can be no overlooking the unbelievable defensive efforts that came just after it, where both Simon and Olmo came up with critical stops from an England corner.
The Roja goalkeeper firstly beat Rice's header back into the danger area, before a well-positioned Olmo made a breathtaking goal-line clearance to deny Guehi, and the chance finally went begging when Rice headed over the top. Olmo celebrated his clearance like a goal, and rightly so - it was the very definition of heroic.
BEST STATS
MATCH STATS
Possession: Spain 65%-35% England
Shots: Spain 16-9 England
Shots on target: Spain 6-4 England
Corners: Spain 10-2 England
Fouls: Spain 11-5 England
LINEUPS
SPAIN (4-2-3-1): Simon; Carvajal, Le Normand (Nacho 83'), Laporte, Cucurella; Ruiz, Rodri (Zubimendi 46'); Yamal (Merino 89'), Olmo, Williams; Morata (Oyarzabal 67')
ENGLAND (3-4-2-1): Pickford; Walker, Stones, Guehi; Saka, Mainoo (Palmer 70'), Rice, Shaw; Bellingham, Foden (Toney 89'); Kane (Watkins 61')