Nat Anglem (36), of Christchurch, had a commanding win over novice triathletes Ben Koons (23), of Wanaka, and Andy Pohl (20), of Dunedin.
In the women's race, France's Laetitia Roux - a double world champion in ski-mountaineering - led from start to finish, with Yvonne Pfluger (Christchurch) second and Andrea Fancy (Wellington) third.
Roux finished in 1hr 35.39sec, Fancy in 1hr 42min 46sec and Pfluger in 1hr 43min 13sec.
But it was a close race for the minor placings in both men's and women's fields.
Canadian masters athlete Stephen Waterreus was prominent throughout the run and bike stages in the men's race but faded to fourth in the ski, while New Zealander Sarah Murphy (21) was pipped at the post in the women's race by Pfluger.
Anglem is an experienced multisporter and won the New Zealand winter triathlon championship when it was last held, in 2007.
He kept a cool head during the run, letting Pohl and Waterreus set the early pace.
Waterreus was first into the bike transition but Anglem was faster to get on his bike.
From then on, Anglem was never challenged on the fast course of hard-packed snow and won in 1hr 19min 49sec.
Koons was off the pace in the run but managed to rally during the second two laps of the four-lap bike course to catch Waterreus and Pohl in the second transition.
Koons was the fastest man on skis but could not catch Anglem, finishing in 1hr 24.10sec.
Pohl finally wore down Waterreus and secured third place, exactly one minute behind Koons.
The three New Zealanders have enjoyed a close but friendly rivalry throughout the Winter Games cross-country races and there was some talk that the faster-skiing Koons and Pohl might have been able to run down Anglem in the triathlon.
"Old man Anglem? No way. He's still got some legs," Koons said after the race.
"The run nearly killed me. I was pleased to get back on skis."
Pohl confessed he went out hard to try and hurt his competitors.
"But it turned out I got hurt by big Nat. He just stormed away," Pohl said.
Roux was stunned to learn she had earned qualifying points for the winter triathlon world championships in Europe later this year.
"It is like a dream. I am very embarrassed and surprised," she said.
Roux is in Queenstown for a month to train and ski and described her first winter triathlon as "not too hard but strange".
Triathlon New Zealand chief executive Dave Beeche said the number of entries were about what was expected because winter triathlon was still an emerging sport.
The national body is keen to see winter triathlon obtain Olympic status.
The top three place-getters in each race category yesterday will be able to apply to compete for New Zealand at the winter triathlon world championships in Europe later this year.
The event was an International Triathlon Committee-sanctioned World Cup race, and also doubled as the Oceania Championship and the New Zealand championship.
