Ciro Immobile opened the scoring from the penalty spot as Lazio overcame a rocky start to take the upper hand before half-time. He doubled the lead after the break with a smart header, but Paulo Dybala pulled a goal back with a fantastic free-kick.
A late penalty saw the Argentinian tie things up, but Alessandro Murgia found a winner deep in injury time to claim a deserved win for Lazio.
Here's a look at the two teams that started the Super Cup:
The Italian champions nearly took the lead minutes into the contest as Alex Sandro teed up Juan Cuadrado with a great cross and goalkeeper Thomas Strakosha somehow made a spectacular save with his legs.
Less than two minutes later, the Albania international again had to be at his best, this time to deny Gonzalo Higuain. Sports writer Richard Hall was impressed after the 22-year-old made yet another stop:
Lazio survived the fast start and settled down, but they didn't come close to threatening Gianluigi Buffon early, with Sergej Milinkovic-Savic sending an overhead kick into the face of Medhi Benatia.
The Rome side were the better team for the bulk of the first half, however, and earned a penalty after Cuadrado clumsily lost the ball and Buffon was forced to bring down Immobile. The striker converted the spot-kick himself.
Vince Van Genechten of Het Nieuwsblad blamed the goal on Cuadrado:
Buffon had to intervene immediately after to deny Lazio a second goal, with Lucas Leiva and Dusan Basta both going close.
Leiva was lucky he only got a yellow card for a nasty tackle on Cuadrado shortly before half-time, but Lazio held on to their deserved lead.
Bleacher Report's Adam Digby noted the Juventus team reminded him of the one he saw in the disappointing UEFA Champions League final against Real Madrid:
The Bianconeri started the half on the front foot, but chances were scarce, with Cuadrado having a shot blocked and Dybala nearly reaching a smart pass from Higuain.
Out of nowhere, Immobile powered home a header over Buffon to double the advantage in the 54th minute, to the delight of sports writer David Amoyal, who noted the perfect assist from rising star Milinkovic-Savic:
Only a miraculous save from Buffon denied Immobile his hat-trick, as Lazio embarrassed the Juventus defence, while at the other end of the pitch, Miralem Pjanic's free-kick flew over the bar.
Substitute Douglas Costa fired a shot right at Strakosha, and Higuain almost turned his cross home minutes later. Pjanic was lucky not to get sent off after a foolish trip on Immobile, but the official opted for a yellow card.
Buffon kept his team in the match with a good save from Luis Alberto, and Dybala gave the Bianconeri some hope with a stunning free-kick with five minutes left to play.
In the 91st minute, Adam Marusic brought down Sandro in the box, and the official awarded a penalty. Dybala converted, and per Squawka News, the new No. 10 was doing the shirt proud:
But there was more drama still to come. While Juventus seemed the more likely team to find a winner, Jordan Lukaku found some space three minutes into injury time and delivered a perfect assist to Murgia, and the Rome native didn't miss to deliver his boyhood club the win.