The French-trained Pour Moi won a thrilling Epsom Derby as the Queen was denied a first victory in the race with her horse Carlton House third behind runner-up Treasure Beach.
Derby debutant Mickael Barzalona, 19, stood up and saluted the crowd as he passed the winning line in the dying strides to triumph by a head on the 4-1 second favourite, trained by Andre Fabre.
He just denied Treasure Beach in a photo finish with Carlton House three quarters of a length behind as a crowd of 100,000 roared the leaders on in a tight finale.
Barzalona waved the French flag after dashing the Queen's hopes of a first winner in the Classic for a reigning monarch in more than 100 years at her 10th attempt.
"It is such a pleasure to win this race with my young jockey. I couldn't be more happy," Fabre told BBC Sport.
"He is a good horse. What surprised me was he had two accelerations - the first to catch up and then to go win," Fabre added.
Pour Moi owner John Magnier was magnanimous in victory. He said: "I wish that someone else owned Carlton House, but that is racing."
Treasure Beach, trained in Ireland by Aidan O'Brien, had looked likely to snatch victory as Carlton House made up ground, but Pour Moi flew at the finish to give the 22-times French champion trainer a first winner in the Derby at Epsom.
Carlton House had been sent off favourite as patriotic punters supported the Royal horse, who had won the Dante Stakes at York in May.
The Queen was joined by Prince William and his wife, the Duchess of Cambridge, plus Prince Harry, as they hoped to see history made.
After an injury scare earlier in the week, Carlton House ran an admirable race but was just denied at the sun-baked Surrey track.
Pour Moi, who impressed when winning the Prix Greffulhe at Saint-Cloud on 7 May, was only confirmed a likely runner in the big race nine days beforehand after pleasing in a workout at Epsom.
His young jockey Barzalona produced an ice-cool ride on a sweltering day and jubilantly stood in his riding irons as he passed the winning line.
He is the first teenager to ride the Derby winner since Walter Swinburn, also 19, triumphed on Shergar 30 years ago.
"It was fabulous. Fantastic. Especially because it took Frankie Dettori 15 years to win it and I won it first time," Barzalona told BBC Sport. "It was the plan to stay behind because the horse comes from behind."
Pour Moi was down the field, but showed blistering acceleration to speed past his rivals in the final furlong.
An extraodinary build-up had seen six-time champion jockey Kieren Fallon, who had been due to partner Treasure Beach's stablemate Recital, barred from riding in the race.
Fallon had switched mounts fron Native Khan, and that horse's owner successfully appealed in court on Derby Day morning to obtain an unprecedented injunction which prevented the Irishman from riding.
Johnny Murtagh replaced Fallon on Native Khan, who finished fifth, behind fourth-placed Memphis Tennessee. Recital was sixth for stand-in jockey Pat Smullen.