The Australian Institute of Sport / NSW Institute of Sport athlete turned the tables on his more experienced rival, Russia's Alexander Smyshyaev.
The Australian teenager and the Russian waged a two day duel during these championships with Alexander Smyshyaev edging out Graham by 0.95 of a point in the first event on Friday, but Graham finished ahead by 0.1 of a point in their return stouch today.
An elated Graham, who was runner up in last year's event, said that he knew he could put pressure on the Russian, and was buoyed by the slender margin in yesterday's competition.
"I knew I had to put a clean run down in the qualification round and then step up the pressure in the final," Graham said.
"I am wrapped to win today."
Another Russian, Sergey Volkov, took out third place.
Graham's win over the Russian was a surprise to many, given the experience of Smyshyaev.
However, it was Graham who held his poise and composure when the competition developed in to a gripping final.
The teenager set up his win in the turns, earning 0.9 of a point more than the Russian.
Smyshyaev was more impressive in the air and received slightly more points in speed down the 254-metre course, which was bathed in magnificent sunny conditions.
To add to Australia's successes, NSW Institute of Sport's 19-year-old Nicole Parks also celebrated victory, with a win over Japan's Miki Ito and third placed Russian Regina Rakhimora.
Parks, a NSWIS team member for seven years, said she was as surprised as anybody by her win in a battle that was as tight as the men's final.
"I didn't ski well yesterday and today was all about a different mindset," Parks said.
"I approached today with a far more positive frame of mind and it really paid off."
Parks is hoping that today marks the start of her claim for team selection at the 2014 Sochi Winter Olympic Games, in Russia.