TNIE online desk
Luis Enrique's side became only the second besides Real Madrid to win the competition in consecutive years in the Champions League era.
Arsenal's Kai Havertz galloped into open space behind PSG's defence and from a tight angle rifled into the roof of the net.
Despite Havertz pushing Arsenal ahead after six minutes, Ousmane Dembele's penalty midway through the second half took a tight game to extra time and ultimately spot-kicks.
During the shootout, Arsenal defender Gabriel was left with the fifth kick for his side and lashed it high over the crossbar to hand PSG the trophy.
As soon as the final whistle blew, the Parc des Princes erupted in celebration as more than 48,000 PSG supporters chanted "Champions of Europe" and "back-to-back".
Cheers, car horns and the sound of firecrackers also echoed through the streets of the French capital.
Nearly 100,000 people are expected to attend a victory parade near the Eiffel Tower on Sunday.
A car burns and fireworks explode as police watch PSG supporters celebrate in Paris.