Michelle Payne became the first ever woman jockey to win the Melbourne Cup when she pulled off a 100-1 shock to win Australia's greatest race aboard Prince of Penzance.

It has taken 155 years, but Payne, one of the youngest of the famous Payne racing family, has galloped into history with a stunning performance aboard the Darren Weir trained gelding.

"It's unbelievable. I lay in bed last night... it's the kind of thing you dream about it. It's a dream come true, this horse, what he's been through," she said as she pulled up.