The unbeaten Peter Moody-trained superstar racked up her 18th win when she bounded away from Caulfield Cup winner Southern Speed and West Australian star Playing God in the run to the line.
Jockey Luke Nolen didn't have a moment's concern on the five-year-old, jumping her on terms with the rest of the field and settling beautifully in fourth place.
Nolen edged her closer to the lead approaching the home turn and when he gave her her head at the top of the straight the race was over.
Black Caviar strolled to the line 3-1/4 lengths in front to take her prizemoney to more than $4.74 million.
"If you were writing a script that's how you'd like to see it play out," Nolen said.
"I gave her a shake for 50 yards (metres) or so, then I throttled down.
“There would have been a lot of disappointed people here if she'd got beaten and I don't think you would have seen me return to the yard, I would have just kept riding home.
“It's a great privilege to be part of such a wonderful story."
Moody said he hadn't ruled out backing Black Caviar up in next Saturday's Group One Lightning Stakes (1000m) at Flemington.
"What do you say, it's unbelievable," he said.
"It's mind-boggling.
"What she does to good horses is unbelievable.
"I'm just rapt.
"It's amazing, we've never pushed her."
Moody said he hoped his wonder mare had a bit left in her yet.
“The end is nearer than the beginning but let's hope it goes for another season or two yet," he said.