Cambridge dominated the men’s race and were more than 10 seconds ahead, but slowed towards the conclusion with stroke Matt Edge on the verge of collapse.
But Edge and his team held on for a comfortable victory by three and a half lengths.
There were some early warnings for oar clashes, but after about five minutes Cambridge had pulled more than a length ahead.
Oxford slipped further behind but had a glimmer of hope on the final straight when Edge started to struggle, his oar barely scraping the water.
But their slower start cost them as Cambridge had opened up enough of a distance to hang on.
“That was my last race with this club and I knew it was going to be a challenging one,” said Cambridge president Sebastian Benzecry.
“We put a lot into it, pushed ourselves into a place that we rarely go, but it is an unbelievable feeling. They never gave up and I am so proud of all the guys.”
Edge had to be carried from the boat at the conclusion.
The men’s head-to-head stands at 87-81 in Cambridge’s favour and they also lead 48-30 in the women’s race.