The Magpies followed up last week's 79-point belting of Essendon with a 14.16 (100) to 10.11 (71) triumph over the reigning premiers in front of 42,627 fans to let the competition know they are right in the mix in 2013.
Scott Pendlebury, Dayne Beams, Dane Swan and the rest of the Collingwood engine room were all on song as the visitors emphatically snapped the Swans' six-game winning streak.
It leaves the Pies two competition points behind fourth-placed Fremantle, who play Greater Western Sydney on Sunday, while the Swans have slipped a place to third.
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"It was exactly how we wanted to play," Collingwood coach Nathan Buckley said afterwards.
"It is good evidence for us as to what we are capable of, this team, this group of players right now, what we are capable of against a very good opposition."
With games against the Cats in Geelong and Hawthorn (against at ANZ Stadium) in the Swans' final two matches, a top-four spot is far from assured, with the in-form Pies ready to pounce ahead of their showdown with the Hawks next week.
Kurt Tippett kicked six goals in a dominant performance up front, Jarrad McVeigh and Shane Mumford battled hard and Teddy Richards shaded Travis Cloke in the defender's 200th appearance.
But it was otherwise a poor day against a Collingwood outfit that refused to let the Swans play their style of game.
Coach John Longmire was far from panicking, however, believing his side simply had a poor day in terms of work rate for the first time since losing to Port Adelaide back in round 13.
"The aim is to go out there and play your best every week and we have probably the last 10 or 11 weeks before tonight," he said.
"We played the one average game against Port Adelaide.
"But we just have to try to be competitive every week.
"That's where the competition is at. It's ruthless, it's relentless, you just have to keep at your best and because you've been good for 10 or 11 weeks doesn't mean you can afford to have an off one."
There was no sign of what was to come when the home side started off in scintillating fashion, putting four goals on the board inside 12 minutes.
The Swans were dominating all over the ground until a Cloke goal midway through the term finally stemmed the bleeding.
Gradually winning more of the ball and finding space, Collingwood managed to draw within two goals at quarter-time.
The Pies then carried that momentum into the second term, kicking the first four goals of the quarter to turn the game on its head.
Producing some breathtaking football, capped by a coast-to-coast goal from Brodie Grundy and a booming set shot by Harry O'Brien, the Pies were on fire.
A Tippett mark and goal after the siren, the Swans' first since the 12-minute mark of the opening quarter, gave Collingwood a deserved three-point lead at the main break.
Tippett again put his stamp on a game of fluctuating fortunes early in the third, kicking two more goals in the first four minutes as the home side regained the lead.
But Collingwood dominated the rest of the quarter, forcing the Swans to kick long down the line and preventing them from getting any space or run.
A Ben Reid set shot after the siren gave the Pies a three-goal lead as they sniffed the victory they needed to really set up their season.
They then ran out the game strongly to notify the competition they are right in the hunt this year.
Collingwood 2.4 6.6 12.10 14.16 (100)
Sydney 4.4 5.9 9.10 10.11 (71)
Goals - Collingwood: Elliott 3, Reid, Sidebottom, Thomas, Cloke 2, O'Brien, Pendlebury, Grundy
Sydney: Tippett 6, Shaw, Jack, Bolton, Kennedy
Best - Collingwood: Pendlebury, Swan, Elliott, Beams, Sidebottom, Thomas
Sydney Swans: Tippett, O'Keefe, McVeigh, Mumford, Richards, Hannebery
Injuries - Collingwood: Nil
Sydney Swans: Nil
Substitutes - Collingwood: Nathan Brown replaced by Sam Dwyer in the third quarter.
Sydney Swans: Ben McGlynn replaced by Brandon Jack at three-quarter-time.
Reports: Nil
Umpires: Dalgleish, Stevic, Nicholls
Official crowd: 42,627 at ANZ Stadium
