Goals from Adam Boyes, Liam Dickinson and super sub Nicky Boshell went some way to erasing the play-off heartbreak of the previous four years.
Jubilant manager Mark Bower said: "We were poor in the first half, off the pace, making bad decisions, trying to play football on what can only be described as a cow field. It's a disgrace of a surface to be honest for a play-off final. We played without any intelligence and played into their hands.
"But even though we played badly we created three really good chances and the game could have been 5-3 at half-time.
"We said we wanted to go a bit more direct and get on those second balls better, which we started doing.
"Once we got to 2-1 I thought we would go on and win the game to be honest. It looked as though they'd gone. They didn't know what to do and had absolutely no threat going forward.
"It was a fantastic feeling to come back from two down to go 3-2 up... It's a proud moment."
Chorley were hoping for back-to-back promotions after their first season at this level for over 20 years. Gary Flitcroft's side can take heart from Guiseley who have been promoted despite play-off disappoinment.
The crowd of 3418, thought to be the highest Victory Part attendance in 38 years, since the FA Trophy run of 1977 saw a pulsating final and it was hard on Chorley having seen a two goal lead slip, especially as they had what looked a good goal chalked off in the dying minutes, which would have levelled the scores.