The air was thick with excitement before the opening whistle as the players filed on to the turf, and both sides played with caution in the early stages as one mistake could prove costly in an important match.
Each side had an early unsuccessful penalty corner attempt but, in the 20th minute, the students drew first blood when Ollie MacIntyre converted University's second attempt from the short corner.
While the students oozed confidence after the goal, Albany's defence acted as a sponge.
The defending champion soaked up the pressure and came close when Gabe Rawcliffe's penalty corner attempt was blocked minutes from halftime.
The students went to the sheds with a crucial 1-0 advantage, but a hungry Albany returned with a vengeance in the second half.
Rawcliffe marked University player-coach Richard Storey like a hawk and it was not long until this pressure turned into an equaliser.
Albany player-coach Nick Elder found the back of the net with a strike that could easily be judged the best of the season.
Elder later said he was not really thinking when he made the reverse strike and was ''pretty happy'' with how it turned out.
Albany continued to turn pressure from the students in its favour and, when it was awarded a penalty corner minutes later, the defending champion made its move.
Although it was not directly converted, the competition's top goal-scorer, Jack Gilbert, found an opening and gave his side a 2-1 lead.
The students never gave up hope and pressured Albany's young defensive unit, but it rose to the challenge and dispatched numerous opportunities.
Albany's confidence grew as wave after wave of University attack was denied and, although the students came close on the stroke of fulltime, it was not enough.
Elder said he was proud of the way his side stepped up for the match despite its underdog status and hailed the efforts of his young defensive unit.
''There has been a few ups and downs this season, but we are happy with the one we won. A good end.''
Elder paid tribute to University player-coach Storey, who played his last game after seven seasons at the club.
Storey said it was sad to leave Otago hockey but he hoped to return at some stage in the future. He is heading to South Africa for four weeks to complete his medical training before he starts a job in Christchurch.
In the premier 2 final, Taieri Tuataras beat KETOB A 4-2.
Taieri player-coach Andrew Mitchell said the match proved KETOB deserved to be in the top premier grade.
