Chelsea came into this tie aiming to make amends for last season's final defeat to Arsenal under former boss Frank Lampard.
Leicester City, on the other hand, were looking to get their hands on the title for the first ever time in the competition's history.
The game started out slowly, with both sides taking a cautious approach while trying to win tactical battles in key areas.
With the Blues dominating proceedings, the Foxes sat deep, opting to soak up the pressure and allow Jamie Vardy and Kelechi Iheanacho to lead the counter-attack.
However, it was not until shortly before the hour mark that Leicester City grabbed the breakthrough strike.
After beginning the second half on the front foot, Belgian midfielder Youri Tielemans was allowed space to roam deep in the Chelsea half, before picking out the top right corner with a sublime effort.
With Chelsea running short on time, head coach Thomas Tuchel threw the kitchen sink, sending on the likes of Kai Havertz, Christian Pulisic and Olivier Giroud in search of a way back into the game.
The Blues thought they had grabbed a last-grasp equalizer when Ben Chilwell connected with Thiago Silva's searching cross leading to Wes Morgan's own goal. However, the goal was ruled out after VAR revealed the former Leicester City man was slightly offside.
Chelsea have now lost in back-to-back FA Cup finals, while Leicester City will celebrate their maiden cup success. Below are five talking points from the game.
#5 Questionable team selection from Thomas Tuchel
Chelsea's starting lineup, which took on Leicester City, raised a few eyebrows considering the stakes of the game. Thomas Tuchel had earlier revealed that Kepa Arrizabalaga was going to start in goal ahead of Edouard Mendy.
The likes of Ben Chilwell and Christian Pulisic were also dropped to the bench as Marcos Alonso and Hakim Ziyech were given the nod by the Chelsea boss.
This came back to haunt Chelsea as Leicester City’s winner might just have been saved by the much taller Edouard Mendy. Marcos Alonso and Hakim Ziyech were also hooked off for Chilwell and Pulisic as Chelsea searched for an equalizer.
The change injected fresh life into the Blue’s build up play and attack, raising questions as to why they were originally overlooked by the Chelsea boss.
#4 Chelsea's attack was lethargic against dogged Leicester City defense
Chelsea failed to impose themselves at the attacking end of the pitch as they were beaten by a solid Leicester City defense.
German striker Timo Werner particularly failed to hit his stride in the game before getting hooked off for Olivier Giroud in the second half.
The former RB Leipzig man finished with no shots on target and was easily kept at bay, despite his blistering pace.
Hakim Ziyech and Mason Mount also failed to threaten the Foxes goal, finishing with just one shot on target between themselves.