Pauline Bremer scored deep into extra-time to break Arsenal hearts and seal Wolfsburg's place in the Champions League final.
After the first-leg finished 2-2 at the Volkswagen Arena, the tie was evenly poised heading into the second leg, in front of over 60,000 fans at the Emirates Stadium.
Stina Blackstenius pounced on some hesitation in the Wolfsburg defence, to round Merle Frohms and give the Gunners the perfect start after 11 minutes.
But former Arsenal star Jill Roord's fine strike and then Alexandra Popp's header put the German side in control.
Jen Beattie produced a stunning header to send the tie to extra-time, before Lotte Wubben-Moy's error led to Jule Brand squaring the ball to Bremer, who put the ball into the empty net.
Here is how the player's rated on a thrilling night in North London:
Arsenal
She could have possibly got down quicker in trying to stop Roord's goal, but it was an accomplished display apart from that. Had a couple of other shaky moments, such as when she misjudged a bounce in her penalty area and the ball bounced over her and wide of the post.
Lotte Wubben-Moy - 7
A superb performance by the England international. She was almost faultless throughout and even showed her attacking quality, with a brilliant cross that was headed in by her centre-back partner. Unfortunately, the game will be remembered for her late mistake but that should not distract from her all-round display.
Jen Beattie - 7
What a header! When Jonas Eidevall needed a goal, he sent Beattie up front. She repaid that faith brilliantly and despite struggling with cramp late in the game, she barely put a foot wrong.
Rafaelle Souza - 6
Another good display by the Brazilian, who is a very consistent performer for this Arsenal team.
Noelle Maritz - 6
Received a booking in the first-half and she did well to keep her composure against a very tricky opponent in Jonsdottir. She was replaced after 64 minutes.
Frida Maanum - 6
Improved as the match went on. She started off in midfield, then she moved further forward and even spent some time as a striker during the game. Such a versatile player.
Lia Walti - 6
The Swiss midfielder is extremely reliable and she more than held her own against a couple of top players in Lena Oberdorf and Roord.
Stephanie Catley - 7
She made a couple of vital tackles to prevent some Wolfsburg counter-attacks. The Australian kept going all night. It looks like the injury that she suffered from earlier this year, is fully behind her.
Victoria Pelova - 6
The 23-year-old offers such a threat down the right-hand side. She did not have the impact that she would have liked tonight though.
Katie McCabe - 7
The Irish star really set the tone throughout for the Gunners. Played in a number of different positions, such as left wing and right-wing back and led from the front wherever she ended up. Hit the crossbar with a cross late-on.
Very intelligent player. Made clever runs and really stretched the Wolfsburg back-line and they would have been glad to see her substituted after 64 minutes. Took her goal brilliantly and could have had another but was denied by the offside flag.
Substitutes
Hopefully she is okay. Suffered a nasty looking injury and had to be stretchered off.
Lina Hurtig - 6
Worked really hard when she came on and almost scored in extra-time, when she diverted Maanum's cross goalwards but was denied by a good save.
Kathrine Kuhl - 6
It was a difficult match to come into for the 19-year-old and she struggled to make a decisive impact.
Michelle Agyemang - N/A
Not enough time on the pitch as she appeared as a substitute after 119 minutes.
Wolfsburg
Merle Frohms - 6
Made good saves from Blackstenius and Hurtig to keep the German side in the tie. Could have possibly done better with Blackstenius' goal but there was nothing she could do with Beattie's header.
Lynn Wilms - 7
Facing McCabe and Catley is a tough match-up for any full-back but Wilms did a very good job. Stung the hands of Zinsberger with a fine effort in the first-half.
Kathrin Hendrich - 6
Was involved in the mix-up with Frohms for Blackstenius' goal. She had a difficult evening against the Swedish striker, but improved once Blackstenius was substituted.
She did not find it easy at all. Not one of her best games.
Felicitas Rauch - 7
Her clever corner was headed home by Popp to put Wolfsburg in front. Played well against Pelova and was always an outlet on the left-hand side.
Lena Oberdorf - 6
The 21-year-old is such a huge talent and she showed it at times. But she was caught in possession on occasion also.
Jill Roord - 8 (Player of the match)
The former Arsenal player was absolutely outstanding. Scored a brilliant goal with a fine low volley and looked like one of Wolfsburg's biggest threats throughout.
Svenja Huth - 6
A quiet night. Struggled to get into the match.
Alexandra Popp - 8
An assist and a goal. A good night's work overall for one of Europe's best players. Her pressuring of the Arsenal defenders really put them on the back-foot.
Sveindis Jonsdottir - 7
She showed a couple of glimpses of just how dangerous she can be. Whenever she got into full-flow, her lightning pace caused problems for Maritz and was unlucky not to score in the first-half when her effort was kept out by Zinsberger.
Ewa Pajor - 6
Surprisingly quiet. Maybe she's saving her best for the Champions League final.
Substitutes
Tabea Wassmuth - 6
She replaced Pajor but did not have as much of an impact as some of the other substitutes.
Pauline Bremer - 7
Scored the winner when she got on the end of Brand's smart pull-back. Was only on for extra-time and did everything Tommy Stroot would have wanted her to do.
Jule Brand - 8
Her excellent pressure brought the decisive moment of the semi-final. Very lively when she came on.
Marina Hegering - 6
Helped keep it tight at the back for Wolfsburg in extra-time.
Rebecka Blomqvist - N/A
Came on with seconds remaining.