The New Zealand 7s side thrilled the home crowd in Wellington to claim victory in the third leg of the 2016 Sevens series.
In what was their third straight tournament victory in Wellington competitions, Gordon Tietjens men left it until the final moments before overcoming South Africa 24-21 in a pulsating final.
Despite trailing 21-7 during the second half, the Kiwis fought back to score three unanswered tries, with Joe Webber scoring the match-winner after time had expired.
The thrilling finale capped an excellent weekend of 7s which saw the format's big sides step up in the knockout stages.
Kiwis go unbeaten on path to final
Following three victories from three matches on Saturday during the group stages, New Zealand picked up where they left off on finals day with a commanding 36-0 win over Kenya in their quarter-final.
The other quarters saw England beat Argentina 33-7, South Africa outlast Australia 26-14, and Fiji come from behind to defeat the Americans 21-12.
Then in the semi-finals, New Zealand defeated England 25-5 after pulling out into a 15-0 lead at the break, with the Blitzboks joining the hosts in the final with a 31-0 demolition of the Fijians.
South Africans build early lead in final
After a tightly-fought contest in their group game, a lot was expected as the two Southern Hemisphere rivals went head-to-head for the Wellington crown.
It was the South Africans who settled the best, and they managed to forge a 14-0 lead early in the first half. Philip Snyman was the first man to cross from close range, with one of the tournaments best players, Rosco Speckman following over three minutes later.
New Zealand, meanwhile, were extremely sloppy in the early exchanges, making a number of unforced errors which allowed their opponents to dominate the territory which is key in Sevens.
As the half came to an end, Akira Ioane took over the game with two huge moments which wrestled back some momentum for the Kiwis. Ioane crossed for the All Blacks first try in the final after taking a big miss pass and powering past the last defender to half the deficit.
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Ioane then made his presence felt on defence, with a last ditch tackle on Speckman, just as the South African looked to be crossing for a try in the corner. The linesman correctly judged that Speckman's leg was in touch, and South Africa's lead remained at seven at the break.
Webber completes victorious fightback
It was South Africa who came out of the blocks fastest in the second half, and they rebuilt their two try lead when the leading Sevens try scorer this season Seabelo Senatla went under the posts following an error from Sonny Bill Williams.
With only a couple of minutes remaining, New Zealand were handed a lifeline when Speckman was sent to the sin-bin after infringing close to his line, and the home side quickly capitalised, scoring their second try through Rieko Ioane. The subsequent conversion was missed though, meaning that New Zealand still had to score two tries to prevail in the final moments.
It was Rieko Ioane who doubled his try tally with a minute left on the clock as New Zealand moved within two points of their opponents, who were back to their full compliment of players after the sin-bin period came to an end.
After the final hooter had sounded, the Kiwis knew they had to keep the ball alive and find a way to cross for a tournament-winning try. Following a number of hotly contested breakdowns, the New Zealanders finally found a gap in the defence, with Ardie Savea popping the ball to Webber who dived over in the corner to complete the comeback.
The tournament victory was New Zealand's first since the Wellington series last year, and has given them great foundations to build from ahead of the Rio Olympics in the summer.
Fiji power past England to grab third
In the fight for third, Fiji overcame England 24-12 after scoring four tries. Jerry Tuwai, Pio Tuwai, Savaneca Rawaca and Osea Kolinisau all crossed for the Flying Fijians who remain second in the overall series standings and look in good shape thanks to the return of Semi Kunatani.
Australia claimed victory in the plate final with a 21-5 win over Argentina, Samoa beat Scotland 19-5 to win the bowl final and France grabbed victory in the shield final after beating Russia 14-7.
The Wellington Dream Team included three players from each of the sides in the final, alongside Dan Bibby from England. Akira Ioane, Augustine Pulu and Tim Mikkelson represented New Zealand, with South African's Kwagga Smith, Senatla and Speckman completing the line-up.
Cooper expected to line up in inaugural Sydney Sevens
Next weekend, the fourth leg of the Sevens Series heads to Australia, where Allianz Stadium hosts 7s for the first time.
Previously the Australian sevens has been held in Brisbane, Adelaide and the Gold Coast, with next week's Sydney debut expected to be close to a sell-out.
The hosts may have the luxury to call upon Toulon's Quade Cooper who will arrive in Australia during the week, and they are also set to recall Brumbies flyer Henry Speight.