A deadlocked all-French affair, which ended 0-0 after extra time, was settled by two goalkeepers trying to put the ball in to the net rather than prevent it.
France number 1 Sarah Bouhaddi (pictured top) was Lyon's hero, hammering her penalty home moments after watching PSG's Polish stopper Katarzyna Kiedrzynek screw her effort wide.
A crowd of more than 22,000 in Cardiff saw the showpiece event for the women's game go to penalties for the second year in the row, as Lyon added the European title to the French League and Cup. It's the second year in a row the side have picked up a treble and it is their fourth Champions League win.
Lyon probably edged a game where chances were scarce but Bouhaddi was forced in to a smart first half save that denied Shirley Cruz while Marie-Laure Delie wasted a glorious chance for PSG in the second period.
But with neither side able to make the breakthrough, it was left to the women in gloves to decide it and as the ball flew past her, Kiedrzynek sunk to her knees.Matt Pearson