The Blues had taken an early lead with an excellent goal from Fernando Torres before Bayern equalised after the break. Ramires was sent off for a second bookable offence with five minutes to go, leaving the Blues down to 10 men for the 30 minutes of extra time.
A burst of individual brilliance from Eden Hazard retook the lead, and it looked for all the world as if Chelsea would hang on. However, it wasn't to be, and Javi Martinez's last-second strike took the tie to penalties.
Bayern somewhat redeemed themselves after their 2012 shootout defeat at the hands of the Blues, and a thrilling match was decided by a soft penalty from Chelsea youngster Romelu Lukaku, saved by Manuel Neuer.
Despite the 2-2 final result, there are a host of positives that Jose Mourinho's men can take from this performance.
Statistics are taken from WhoScored.com.