Thailand’s Theekawin Chansri opened the scoring in the 16th minute.
But just like in the semifinals against Vietnam two days ago, P Maniam’s boys showed fighting spirit to mount a second-half comeback.
Muhammad Izrin Ibrahim equalised in the 69th minute and then Muhammad Nabil Qayyum sealed the win 11 minutes from time.
This is Malaysia’s second AFF Under-15 Championship after defeating Indonesia in a penalty shootout in 2013.
The future seems bright for Malaysia as most of the members of this squad come from the Mokhtar Dahari Academy in Kuantan, Pahang where the National Football Development Programme is based.
The squad will return to Malaysia tomorrow.