91,731 fans crammed into the home of football to witness the Pies overcome a 37-point deficit to run out victors 12.11 (83) to 8.12 (60), in the 20th Anzac Day clash between these two sides since the tradition began in 1995.
Essendon jumped out of the blocks kicking the first six goals of the game before the Pies, sparked by midfielder Steele Sidebottom and Anzac medallist Dane Swan, piled on nine unanswered goals to wrestle the game back onto their terms.
After being criticised for a slow start this season, Swan was back to his best with 26 touches and four goals, while Sidebottom was next best for the Pies amassing 26 disposals and kicking three goals.
Vote for your top three players from Collingwood's stirring ANZAC Day win in the Magpie Army Player of the Year Award.
The win was soured for Collingwood with Alex Fasolo substituted out of the game and wingman Clinton Young limping off in the third term.
Fasolo watched the remainder of the game from the bench with a moon boot on his right foot with fears he has injured the navicular bone in his foot, an injury which kept him to just three games last season.
Essendon's relentless pressure and quick ball movement had Collingwood on the back foot from the opening bounce and it showed on the scoreboard with the Bombers stunning the Pies with a five goal opening term.
Midfielder Brent Stanton was sublime for the Bombers with 14 first-quarter disposals and a goal.
Collingwood could only manage a measly three behinds in the first term with Essendon dominating the inside-50s 16 to nine to lead the Pies by 31 points at quarter-time.
After their first goalless opening term against Essendon since round 19, 1990, the Pies hit back in the second quarter.
A Jake Melksham goal in the opening two minutes of the second term pushed the Bombers lead out to 37-points and it looked as though the game could become a blow out.
But in a remarkable turn around, the Pies, ignited by star Steele Sidebottom, piled on six unanswered goals to draw level with the Bombers at half-time.
A goal from recruit Jesse White at the eight minute mark of the second quarter, the Pies first major for the game, sparked his side into action. Pies skipper Scott Pendlebury lifted his output in the second term with 11 touches, while Sidebottom had eight disposals and kicked three goals, including one just before half-time to level the score.
With the momentum well and truly in their favour, the Pies continued to apply the heat on the Bombers in the third term kicking away to an 18-point lead at the final change.
With Travis Cloke unable to impact the scoreboard, White stood tall up forward, while Dane Swan threatened in attack kicking two goals in the third term to give the Pies a run of nine unanswered goals.
Not willing to concede defeat the Bombers lifted in the final stanza, the Merrett brothers combining to kick the first two goals of the quarter and reduce the deficit to eight points.
But the Pies steadied through Jamie Elliott, Swan and Brodie Grundy to seal the win for the black and white army.
The decision to bring back Courtenay Dempsey into the side was a risk that didn't pay off for coach Mark Thompson.
Dempsey was subbed on for the Bombers early in the third term, replacing Kyle Hardingham who had just one touch to half-time.
The rebounding defender had not played competitive football for a month, after injuring his hamstring two days before being exiled to the VFL for failing to uphold training and preparation standards.
His lack of match practice was evident as he was chased down on several occasions and appeared to be unable to keep up with the pace of the contest.
Defender-turned-forward Jack Carlisle also failed to bounce back after his coach gave him a public back-hander during the week with Thompson declaring the 22-year-old was "in danger" of being dropped.
The Bombers also have some key injury concerns of their own with Paul Chapman copping a blow to the head and limping off with an ankle complaint, while skipper Jobe Watson, who was well held by tagger Brent Macaffer, sustained a gash to the face.
Collingwood 0.3 6.5 9.7 12.11 (83)
Essendon 5.4 6.5 6.7 8.12 (60)
Goals - Collingwood: Swan 4, Sidebottom 3, White 2, Goldsack, Elliot, Grundy
Essendon: Stanton, Daniher, Watson, Winderlich, Ryder, Melksham, Z. Merrett, J. Merrett
Best - Collingwood: Swan, Sidebottom, Macaffer, Beams, Pendlebury, Langdon, Frost
Essendon: Hibberd, Hooker, Heppell, Stanton, Melksham, Ryder
Injuries - Collingwood: Fasolo (foot), Young (leg)
Essendon: Nil
Substitutes - Collingwood: Alex Fasolo replaced by Josh Thomas in the third quarter
Essendon: Kyle Hardingham replaced by Courtenay Dempsey in the third quarter
Reports: Nil
Umpires: Farmer, Nicholls, Chamberlain
Official crowd: 91,731 at the MCG
