Fairytales do come true.

Half Yours has won the 165th Melbourne Cup with Aussie star Jamie Melham becoming the second female jockey to win the Great Race.

There was high drama as horses jostled for position down the famous Flemington straight.

However, there was no stopping Half Yours, who has won the $4.5 million prize for the horse’s connections, trainer and Melham.

Melham is finally the queen of Aussie racing, completing the rare Caulfield Cup-Melbourne Cup double — exactly 10 years after Michelle Payne became the first female jockey to win the race.

Goodie Two Shoes finished second. Middle Earth was third and River Of Stars was fourth.

Melham’s victory is a historic moment in the Cup’s history.

It was also trainer Calvin McEvoy’s first Cup victory.

The moment Payne congratulated Melham on her victory and said, “Welcome to the club”, will never be forgotten.

Melham broke down in tears and responded: “How do you get the words out?

“Nothing describes this feeling.”

Melham piloted her five-year-old gelding to the line in supreme fashion.

Half Yours bolted clear by several lengths at the 100m mark and was never troubled.

Half Yours was the only Aussie-bred horse in the entire field of 24 horses and it becomes just the 13th runner in Melbourne Cup history to do the Cups double.

Melham has previously been known as a Melbourne Cup bridesmaid, but never a bride — until now.

But the Melbourne Cup was soured by an ugly incident back in the field.

Jye McNeil’s ride on Valiant King in the Cup saw him cop an 18-race suspension.

Stewards charged him with careless riding for an incident at the 2500m mark with Blake Shinn and Stephane Pasquier.

He pleaded guilty and was slapped with a monster ban.

You can recap all of the action below.