Furious Collingwood coach Mick Malthouse said the Magpies let the Anzacs down after Essendon booted three late goals to snatch a thrilling five-point victory in the annual AFL blockbuster at the MCG on Saturday.

Not since the inaugural Anzac Day game between the two Victorian powerhouses ended in a draw in 1995 has this fixture produced so much drama.

Collingwood looked to have the match won when they led by 14 points late in the final term, only for Leroy Jetta, Ricky Dyson and teenage star David Zaharakis to kick three goals and give the Bombers a 13.15 (93) to 12.16 (88) win.

Zaharakis slotted the match-winner with only five seconds left on the clock, less than a minute after Jetta had seemingly cost his team a final chance of victory when he fumbled and over-ran the ball in the goalsquare.

Essendon's Paddy Ryder won the Anzac Medal for the best player afield after being forced to ruck all day against Magpies duo Josh Fraser and Leigh Brown.

The responsibility fell on Ryder's shoulders after big Bomber David Hille went down with what is almost certainly a season-ending knee injury in the second minute of the match.

"It was just a Herculean job from a young player," said Essendon coach Matthew Knights of Ryder.

But Malthouse was livid with the leadership shown throughout the day by his team, who were without suspended captain Nick Maxwell.

"With a 13-point lead (it actually got out to 14), good sides win games," said Malthouse.

"You don't hand an opposition three goals.

"And they worked for it but without a shadow of doubt, in my short-term memory and perhaps later on it would be my long-term memory, I can't think of a more disappointing result in a home and away series game.

"Unfortunately, I think we let the Anzacs down.

"Essendon showed true Anzac spirit - the reason why we play here."

For the Bombers it was their second thrilling victory over a traditional rival in the space of three weeks, following the round-three cliffhanger against Carlton.

Ryder was magnificent, while Brent Stanton, Dyson and defender Adam McPhee in his 150th game were also among the Bombers' best.

Just as significantly, the win came without a single goal from key forwards Matthew Lloyd and Scott Lucas, who were well held by 200-gamer Simon Prestigiacomo and Nathan Brown.

Lloyd and teammate Sam Lonergan played out the match with corked thighs.

"To have the belief and the resilience when you're three goals down with four-and-a-half minutes to go and the rain starts coming, to have the resilience to believe, to keep taking the game on, is something that was very brave by our playing group," said Knights.

Collingwood had the best forward on the field in Jack Anthony (four goals), while Dane Swan (37 possessions) and Scott Pendlebury (32) were dominant in the midfield.

Magpies forward Alan Didak pulled out of the selected side with a calf problem, while his replacement Brent Macaffer booted a goal with his first kick in AFL football.

But that paled into insignificance compared to the late-game heroics of Zaharakis - who was picked up by the club he had supported all his life in the 2008 draft.

He calmly slotted the match-wining goal on the run from 40m out in the dying seconds.

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