Melbourne have claimed their finest NRL premiership after a brutal first half dismantling of Penrith led to a 26-20 win at ANZ Stadium.

Led by Cameron Smith, the Storm raced out to a 22-0 lead at halftime before going on to win a thriller on Sunday night, ending a 17-game winning streak for the young Panthers.

The match could be the last for champion Melbourne skipper Smith who is yet to announce if he will play on for his 20th NRL season in 2021.