The Panthers win showcased brilliant talent, but more importantly resilience under pressure.
The Warriors couldn't compete with the speed and power of the Panthers, who raced away to a 34-6 lead.
But with 24 minutes left on the clock and on the back of eight consecutive penalties, the Warriors piled on four tries to get within four and set up a thrilling finish with 12 minutes left.
Penrith fullback Kieran Moss was sin-binned for a professional foul in the set before, and the Warriors appeared destined for their third Holden Cup premiership as they took all the momentum into the final 10 minutes.
Despite still being in front on the scoreboard, it was the Panthers who now needed to fight back.
The final courageous effort came from Jack Gibson medal winner James Roberts, who dashed 40 metres downfield to lay the platform for opposite centre Waqa Blake to crash over and seal the result.
Speedster Roberts proved almost untouchable in his six NRL games this season, and it was much the same in the National Youth League decider.
Roberts scored two scintillating first half tries, while winger George Jennings set the grand final tone for Roosters' brother Michael, nabbing a try and setting up another.
The Panthers fought bravely in first grade this season, finishing just one win out of the top eight with an inexperienced roster.
And the performance of Garth Brennan's Holden Cup team to convert a second-placed finish to a premiership, was confirmation of the club's promise.
The Panthers faced a heap of adversity throughout the 80 minutes, losing halfback and captain Daniel Foster after just 15 minutes with the scores locked at 6-6.
The Warriors, despite the inspired attacking play of halves Tuimoala Lolohea and Mason Lino, couldn't quite complete a comeback which would have been extraordinary even by Holden Cup standards.
Minor premiers Cronulla won the NSW Cup grand final 36-8 over Windsor Wolves. AAP
- AAP