After a goalless first half in which both sides failed to create enough chances, Paolo Guerrero handed the Brazilian's victory, however Torres should have sent it to extra time.
In an even first half, which saw both sides have spells of dominance, the Blues had the better of the chances with Cassio brilliantly denying both Gary Cahill and Victor Moses from opening the scoring.
There was a similar feel to the second 45, with both teams mostly cancelling each other out, however, Paolo Guerrero nodded home with 20 minutes left to secure the victory for his side, although Cassio did have to come to Corinthians' rescue again late on - with Cahill seeing red and Fernando Torres having a goal disallowed in injury time.
The Brazilian outfit made two changes from its semifinal win, Cassio replacing Julio Cesar in goal and Jorge Enrique coming in for Douglas. Rafael Benitez also switched things around from Chelsea's win over Monterrey with Frank Lampard and Moses starting as David Luiz dropped back to center back.
The Premier League side went close to taking the lead, and to testing the goal-line technology with just 10 minutes played. Juan Mata's corner fell to Cahill who poked the ball towards goal from yards out, however, Cassio reacted quickly to smother the effort before it crossed the line.
Chelsea began to look more in control, but, with Corinthians placing men behind the ball to soak up the pressure, Benitez's men struggled to create chances.
Guerrero then started to cause the Blues problems as Tite's side took a foothold in the game. He nutmegged Cahill with ease to skip into the box but fell to the ground under little, if any, contact.
The attacker then found teammate Emerson with a decent through-ball that put him in on goal, though Cahill should have stopped the pass, but the Brazilian lashed the shot horribly high and wide.
Moments after, a delightful diagonal ball from Hazard nearly sent Moses in on goal. Corinthians replied through Guerrero who then ghosted past Cahill and Luiz into the box once more, using skill and strength, but saw his strike flash across the face of goal. Emerson picked up the ball for a second chance but shot wide from the tight angle.
The west Londoners then came back into the clash with two openings before the break. Firstly, Torres' deft touch after Lampard's pass created a good chance, but the finish was weak. Then, Moses cut in from the right side of the penalty box to curl a strike towards the far corner, but Cassio did fantastically to tip it wide at full stretch.
The Corinthians keeper's fantastic display continued in the second 45 as he rushed out quickly to block Hazard's effort in a one-on-one after 10 minutes. That chance was the only real opportunity until Paulinho fired just wide after the hour mark.
With extra time looming, Corinthians finally netted the breakthrough with just over 20 minutes remaining. Paulinho was allowed to run with the ball through the penalty box, before shifting it to Danilo who cut inside to shoot. The effort then deflected off Cahill into the air, leaving Petr Cech stranded on the floor and Guerrero with the simple task of heading past the three Blues defenders on the line.
Torres should have sent the game into extra time with five minutes left on the clock. The ball fell to the Spain striker after a wicked deflection leaving the forward with plenty of time to pick his spot from yards out, but Cassio produced a fabulous stop to make sure his side secured the trophy.
There was more late drama as Blues' defender Cahill was red carded for a coming together with Emerson in the 90th minute, before Torres had a headed goal correctly disallowed for offside and Mata hit the post with the game in injury time.