Waley-Cohen -- who turns 40 next Friday -- had ridden six winners over the National fences prior to Saturday but he reserved his greatest moment until last.
Waley-Cohen jumped the last alongside 15/2 favourite Any Second Now but Noble Yeats found extra in the demanding run-in to record a fairytale ending to the jockey's career.
Waley-Cohen stood up in his saddle -- which bears the initials of his brother Tom who died of cancer in 2004 -- waved his whip in celebration and paid a handsome tribute to his father Robert, who bought the horse only in February.
Noble Yeats also became the first seven-year-old to win the National since Bogskar in 1940.
"I want to say thank you to dad. He never wavered, never a cross word," said Waley-Cohen.
"I also have a long suffering wife (Bella). It's a fantasy... I just feel love, happiness and gratitude for being on the right horses."
Waley-Cohen, who won the Cheltenham Gold Cup in 2011, said it was a great moment for his whole family.
"These days are big family days, and obviously Thomas isn't with us, so you always think about him on these days," said Waley-Cohen, who is the first amateur jockey to win both the 'blue riband' Gold Cup and the National.
"I still always ride with his initials on my saddle."
His father was in tears.
"It is a dream come true," said Waley-Cohen. "It is a team effort and thank God it has really worked.
"It takes dedication, hard work and is absolutely fabulous. He has dreamed of winning this ever since he sat on a rocking horse in the nursery.
"His love affair with the sport goes back to then."
For an optimal experience, please
