The late revival was remarkable, capped off by two superb last end bowls from ice-cool skipper Keith Webb, who also rescued the Lancefield side with a last end match winner in the first semi-final against Romsey.
The Tigers came from fourth place on the ladder and the premiership made amends for runner-up finishes in division three in the past two seasons.
Division two also produced a thrilling grand final finish, with Bacchus Marsh holding on to edge out Diggers Rest by two shots (99-97) at Gisborne.
The question now is: Will the division one grand final between unbeaten flag favourite Gisborne and Lancefield produce another cliffhanger at Kyneton Golf this Saturday?
Back to division three. A gallant Macedon must still be wondering about the "one that got away" in astounding fashion after leading throughout. Lancefield's perseverance and never say die spirit combined with a flurry of superb bowls paid off.
At the halftime break Macedon led by 10 shots overall, and further extended the advantage to 24 shots after 51 of the 75 ends had been completed.
The turnaround came very late in proceedings, with Lancefield winning seven of the last nine ends and outscoring Macedon by 15-3 to win overall 75-72. The atmosphere was electric over the last few ends.
Joy Godbolt's four trailed badly at one stage against Macedon's Syd Billinghurst, a remarkable 90-year-old skipper whose form belies his years. Godbolt's superb drive on the second last end was crucial, as was two shots on the final end as leader Aaron Andrews drew two touchers.
Michael Walsh's lineup grabbed four shots on the final end for a 28-28 result against Mike Pjelke.
Macedon skipper Alan Cameron played some big bowls during a tight tussle against Webb's rink, but the latter edged ahead in the latter stages.
Macedon held a close shot (and match) on the 100th and final end, but a controlled weighted shot from Webb found its target, triggering wild elation from Tigers' supporters. Webb drew his final bowl right behind the jack, and Lancefield won 75-72 in an unforgettable final played in great spirit.
Kyneton president and CHBD board member Margaret Breadsell presented the premiership shield to Lancefield president Gary Dickenson, who praised the Tigers' players and commended Macedon.
Bacchus Marsh, with plenty of experienced players available after finishing fourth on the ladder, led clearly in the division two grand final until a couple of costly errors gave Diggers Rest multiple shots and the contest came alive.
Six shots to John Fordham's rink late in the game ensured Bacchus Marsh earned the flag. It was the very first time they had their names on the pennant shield.
NO JOY ON SUNDAY
Central Highlands players did not fare well in the regional championships played at Maryborough Golf on Sunday.
In the singles Jeff Holmes (Lancefield) went down 25-20 against Ballarat champion Brett Mahoney, who collected three shots on the final end.
The CHBD women's fours lineup of Dione Andrews, Christine Plowman, Desma Budd and Bev Holmes (s) were defeated 19-9 by a Central Wendouree lineup, and Chris Jolly, Aaron Young, Barry and Mark Godbolt (s) went down 29-9 against a strong Webcona side.
This Sunday, CHBD representatives have a chance in two regional finals at Smeaton.
Romsey's Brenda Wesley and Danny Fortune are in the mixed pairs final, and Bev Holmes plays in the women's singles on Monday in Maryborough.