Having won the Frauen Bundesliga and German Cup in the past fortnight, die
Wolfinnen completed a historic treble - an incredible feat considering they had never won a major trophy before this year.
It was all the more remarkable against a French side appearing in their fourth consecutive final and going for a third successive UEFA crown and also bodes well for German football with Borussia and Bayern playing Saturday's men's final.
The two teams exploded out of the blocks with Wolfsburg captain Nadine Kessler reacting fantastically to fire an overhead kick just wide while at the other end Lena Goessling was fortunate not to direct a Camille Abily effort into her own net.
Lyon grew in confidence as Amandine Henry came close with a thunderous header from a corner and they would have taken the lead had it not been for Ivonne Hartmann's intervention to deny Megan Rapinoe and Lotta Schelin.
Wolfsburg soaked up the pressure and still looked dangerous on the counter-attack with Martina Muller firing a fine half-volley just wide before the interval.
Lyon continued to dominate in the second half and should have had a penalty when Hartmann handled a flick goalwards by Abily.
Referee Teodora Albon waved away the appeals and the France international was frustrated again with Vetterlein smartly stopping a stinging strike at the near post.
Elodie Thomis was next to be denied by the Wolfsburg goalkeeper and Lyon were made to pay for their lacklustre finishing in the 73rd minute.
Laura Georges handled in the box and Wolfsburg were awarded a spot-kick in front of the Matthew Harding Stand, which Muller lashed home down the middle.
Luisa Wensing stopped substitute Eugenie Le Sommer levelling immediately, before another replacement, Lara Dickenmann, had a strike saved as Lyon pushed desperately for parity.
Wolfsburg's Lina Magull and Lyon midfielder Necib both came close in stoppage time, but the Germans held on to secure their first ever European title against a side previously unbeaten in 119 games (excluding penalty shoot-outs).