In doing so, Bermondsey-born Haye became the first Briton to hold a heavyweight world title since Lennon Lewis vacated the boxing scene in 2003.
The 'Hayemaker' also made history by becoming the first former cruiserweight champion to get their hands on one of the heavyweight crowns since 'Real Deal' Evander Holyfield achieved the feat.
Holyfield, at 46 years old, lost a contentious points decision to Valuev earlier this year.
But there were no such problems for 29-year-old Haye although his victory wasn't a majority decision. One judge scored it a draw at 114-114, while the other two made Haye a clear winner by 116-112.
The new champion would contend that the margin of victory would have been wider had he not suffered a suspected fractured right hand in the third round, an injury which means he pretty much won the title single-handedly.
Thrilling spectacle though it was, the contest only really caught fire in the final half of the final round when Haye threatened to floor Valuev for the first time in the Russian's 52-fight career.
But it was the vast difference in size between the two fighters which caught the public's imagination with 6ft 3in Haye tipping the scales at 15st 8lb and 7ft 2in Valuev nearly breaking them at 22st 8lb.
Could Haye, in only his third fight at heavyweight prove that he was more than just a blown-up cruiserweight? Could his suspect stamina last if the fight went the distance? Would 36-year-old Valuev shave his hairy back before the first bell sounded?
The answer was yes, yes and no.
Hirsute Valuev circled his prey Haye in the opening rounds like a whale circling a small fishing boat.
'Stay away from the ropes' Haye was told by his corner before the bell for the second round; three minutes in which he showed fine head movement but a worryingly low guard.
Round three saw Valuev swap his tentative jabbing strategy and start throwing mean-spirited combinations but Haye checked his progress with a fine left uppercut before landing a purposeful uppercut on the Russian's chin.
Briefly trapped in the corner in the fourth, Haye slipped punches like Prince Nasseem at his peak but although he enjoyed some success in the middle of the ring he lost the round and looked tired when he went back to his stool, his arms spread out on the ring-ropes like a man on a cross, his mouth noticeably open, his right eye needing constant attention.
The fifth was the round he ran out of gas in five years ago against Carl Thompson and danger loomed when an unusually animated Valuev seemed to hurt him with some straight punches. Haye reacted by dropping his guard even lower, thankfully it seemed to be more reckless bravado than sheer exhaustion as he ended the round strongly.
Valuev relentlessly moved forward in rounds six and seven, his long reach keeping Haye at bay, the power of his punches often forcing his target into an undignified crouching stance - further emphasising the gulf in height.
Round eight was arguably edged by Haye as his hit-and-move strategy proved more successful than Valuev's hit-and-miss technique. The British fighter even indulged in some Sugar Ray Leonard-style showboating before the bell to celebrate some point-scoring counter punching.
Haye's revival continued in round nine but Valuev showed a champion's appetite in round ten with a left hook and a brutal body-shot which must surely have caught the judges' eyes.
If boxing was scored on artistic merit, Haye should have been easily ahead approaching the ninth. That it isn't explained Valuev's confidence as he shook his head to show his indifference to some of Haye's strongest punches in round eleven.
The challenger's lack of confidence that he could win a verdict in the champion's adopted city of Nuremberg perhaps explains his desperation to land a knock-out blow in the final round.
With 90 seconds left Haye launched his main offensive and connected with a big left shot, leaving the white Russian looking momentarily punch drunk, the legs that had carried him in pursuit of Haye for the previous 35 minutes wobbling, but not quite buckling.
The crowd were on their feet but the referee gave Valuev some much-needed respite by warning Haye for hitting the back of the Beast's head and the moment passed, the rebuked contender still ending the fight on a high with some strong combinations – the cautious strategy of single shots in the early rounds now just a distant memory.
Valuev again shook his head to show that he wasn't hurt and, hands on hips, did so for a final time when the judges' verdicts were read out.
He could well feel aggrieved, I was not alone in believing the big, likeable giant had done enough to regain his title.
But the night belonged to Haye who mined previously-untapped reserves of bravery and stamina while reminding the world once more of his abundant skill and speed.
Before the fight there were doubts about whether he belonged in the heavyweight division. What better way was there of dispelling them than by beating one of the largest champions ever to step through the ring ropes?
He might well have to silence the cynics again if he is to fulfil his dream of becoming undisputed heavyweight champion by the time he is 31.
The Goliath has been slain. The Klitschko brothers await.
The 'Hayemaker' also made history by becoming the first former cruiserweight champion to get their hands on one of the heavyweight crowns since 'Real Deal' Evander Holyfield achieved the feat.
Holyfield, at 46 years old, lost a contentious points decision to Valuev earlier this year.
But there were no such problems for 29-year-old Haye although his victory wasn't a majority decision. One judge scored it a draw at 114-114, while the other two made Haye a clear winner by 116-112.
The new champion would contend that the margin of victory would have been wider had he not suffered a suspected fractured right hand in the third round, an injury which means he pretty much won the title single-handedly.
Thrilling spectacle though it was, the contest only really caught fire in the final half of the final round when Haye threatened to floor Valuev for the first time in the Russian's 52-fight career.
But it was the vast difference in size between the two fighters which caught the public's imagination with 6ft 3in Haye tipping the scales at 15st 8lb and 7ft 2in Valuev nearly breaking them at 22st 8lb.
Could Haye, in only his third fight at heavyweight prove that he was more than just a blown-up cruiserweight? Could his suspect stamina last if the fight went the distance? Would 36-year-old Valuev shave his hairy back before the first bell sounded?
The answer was yes, yes and no.
Hirsute Valuev circled his prey Haye in the opening rounds like a whale circling a small fishing boat.
'Stay away from the ropes' Haye was told by his corner before the bell for the second round; three minutes in which he showed fine head movement but a worryingly low guard.
Round three saw Valuev swap his tentative jabbing strategy and start throwing mean-spirited combinations but Haye checked his progress with a fine left uppercut before landing a purposeful uppercut on the Russian's chin.
Briefly trapped in the corner in the fourth, Haye slipped punches like Prince Nasseem at his peak but although he enjoyed some success in the middle of the ring he lost the round and looked tired when he went back to his stool, his arms spread out on the ring-ropes like a man on a cross, his mouth noticeably open, his right eye needing constant attention.
The fifth was the round he ran out of gas in five years ago against Carl Thompson and danger loomed when an unusually animated Valuev seemed to hurt him with some straight punches. Haye reacted by dropping his guard even lower, thankfully it seemed to be more reckless bravado than sheer exhaustion as he ended the round strongly.
Valuev relentlessly moved forward in rounds six and seven, his long reach keeping Haye at bay, the power of his punches often forcing his target into an undignified crouching stance - further emphasising the gulf in height.
Round eight was arguably edged by Haye as his hit-and-move strategy proved more successful than Valuev's hit-and-miss technique. The British fighter even indulged in some Sugar Ray Leonard-style showboating before the bell to celebrate some point-scoring counter punching.
Haye's revival continued in round nine but Valuev showed a champion's appetite in round ten with a left hook and a brutal body-shot which must surely have caught the judges' eyes.
If boxing was scored on artistic merit, Haye should have been easily ahead approaching the ninth. That it isn't explained Valuev's confidence as he shook his head to show his indifference to some of Haye's strongest punches in round eleven.
The challenger's lack of confidence that he could win a verdict in the champion's adopted city of Nuremberg perhaps explains his desperation to land a knock-out blow in the final round.
With 90 seconds left Haye launched his main offensive and connected with a big left shot, leaving the white Russian looking momentarily punch drunk, the legs that had carried him in pursuit of Haye for the previous 35 minutes wobbling, but not quite buckling.
The crowd were on their feet but the referee gave Valuev some much-needed respite by warning Haye for hitting the back of the Beast's head and the moment passed, the rebuked contender still ending the fight on a high with some strong combinations – the cautious strategy of single shots in the early rounds now just a distant memory.
Valuev again shook his head to show that he wasn't hurt and, hands on hips, did so for a final time when the judges' verdicts were read out.
He could well feel aggrieved, I was not alone in believing the big, likeable giant had done enough to regain his title.
But the night belonged to Haye who mined previously-untapped reserves of bravery and stamina while reminding the world once more of his abundant skill and speed.
Before the fight there were doubts about whether he belonged in the heavyweight division. What better way was there of dispelling them than by beating one of the largest champions ever to step through the ring ropes?
He might well have to silence the cynics again if he is to fulfil his dream of becoming undisputed heavyweight champion by the time he is 31.
The Goliath has been slain. The Klitschko brothers await.
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