Didier Deschamps's men had flattered to deceive throughout the tournament before meeting La Roja at the Allianz Arena, as no France player had scored from open play before the semi-finals.
Les Bleus' only three strikes at the Euros up to and including the quarter-finals came via two own goals and a penalty from Mbappe, who abandoned his protective mask for Tuesday's blockbuster affair.
The former Paris Saint-Germain winger had a telling impact on the game just eight minutes in, floating in a perfect cross for Randal Kolo Muani to break the deadlock and also break France's open-play duck.
However, France were only in the ascendancy for 13 minutes, as 16-year-old Barcelona attacker Lamine Yamal curled in a delightful goal from outside of the area to equalise and become the youngest scorer in the history of the Euros.
Mbappe: 'We are not champions, so it is a failure'
Just four moments later, an exquisite touch from Dani Olmo set up the RB Leipzig playmaker to fire a strike across goal, which ended up crashing into the roof of the net via the aid of Jules Kounde's boot, but the Spaniard was credited with the goal.
France's subsequent attempts to force extra time were futile, and Mbappe himself was guilty of wasting a gilt-edged opportunity in the second half, curling way over the top from a promising position.
The 25-year-old was tipped to challenge for the Golden Boot at Euro 2024, but he ends the competition with just one goal to his name - in addition to two assists - and told the media in the mixed zone that both he and his teammates had failed the nation.
"My competition? It was difficult. It was a failure. We had the ambition to be European champions; I had the ambition to be European Champion," Get French Football News quotes Mbappe as saying.
"We aren't that, so it's a failure. It's football. We have to move on. It's been a long year. I'm going to go on holiday and get some rest - that'll do me a lot of good and I'll try and come back very strongly."
Why did Mbappe struggle at the Euros?
Mbappe has usually carried the weight of expectation with aplomb for both club and country - see the 2018 and 2022 World Cups - but his Euros demons will linger for another four years after his equally disappointing 2021 tournament.
The 25-year-old started the tournament as he meant to continue - producing a lightning-quick burst of pace and forcing an own goal from Austria's Maximilian Wober - only to then receive a broken nose and bloodied shirt when smashing his face into Kevin Danso's shoulder.
Sitting out the goalless draw with the Netherlands - where he was sorely missed - certainly disrupted his momentum, and Mbappe just could not adapt to playing with his protective mask; he needed just eight minutes to contribute to a goal without it on Tuesday.
As well as his facial injury, Mbappe may also have been feeling the effects of a gruelling final season with PSG, and the situation surrounding his future - which was at least resolved before the Euros - harmed his preparations too.
French outlet Le Parisien also highlights the political situation in his homeland, which Mbappe spoke out about when it appeared that the far-right National Rally would win the election, but unforeseen gains from the left ultimately resulted in a hung parliament.