Blooding three first-round draftees, Richmond rallied from 41 points down 15 minutes into the second term to win 13.4 (82) to 9.15 (69) on Thursday night in front of 80,009 fans at the MCG.
At the end of a see-saw final term, Seth Campbell was on the end of a long kick and soccered through the match-winning goal, launching into a cartwheel in celebration.
The Tigers' jubilation at the shock win echoed Campbell's acrobatics.
Richmond's No.1 draft pick Sam Lalor impressed with two goals and fellow debutants Harry Armstrong and Luke Trainor also had a night they will not forget.
The Blues had their chances late, spraying 1.6 in the last quarter, and the huge upset adds to question marks about their 2025 bona fides.
Captain Toby Nankervis kicked two early goals when the Tigers were struggling and led superbly, while Jack Ross, Tim Taranto and Jayden Short were outstanding.
"Our players, our young group, they've got to learn how to deal with momentum. That was almost the most pleasing part of the game, not letting that scoreboard impact the way we wanted to play," said Tigers coach Adem Yze.
"To the boys' credit, their spirit and energy didn't waver at all, which is all I can ask."
Asked if his players had taken their opposition too lightly, especially when they looked ready to close out the game in the second term, Carlton coach Michael Voss said, "gee, I really hope not".
"It was pretty disappointing, I'm not going to sugarcoat it. To be in the position we were in and just give up that lead, I couldn't be more disappointed," Voss said.
"As the game went, you could see clearly Richmond were gathering more energy. Sometimes you just have to stay in that fight when things aren't working for you.
"We just weren't prepared to stay in that fight.
"Nine goals to two in the second half - it just shouldn't happen that way."
Blues captain Patrick Cripps had 32 possessions despite a hard tag from Kamdyn McIntosh, who did well to at times blunt the Brownlow Medallist's influence.
When Sam Walsh put Carlton 41 points up in the second term, a long night loomed for the young Tigers.
Blues' key defender Jacob Weitering was his own wall in defence, and Cripps was dealing with McIntosh, who stood out with his bald head and headband.
Adding to their problems, key forward Tom Lynch caught Tom De Koning high with a bump early in the second term.
The Blues ruckman briefly left the field and the incident is sure to attract match-review attention.
But immediately after Walsh's six-pointer, Lynch marked and goaled.
It was a big moment for the Tigers, given the man Yze calls their forward-line "godfather" has only managed eight games in the past two seasons because of injury.
Another two goals brought Richmond within 25 points at the main break. Still, there was a sense that the Blues would kick clear.
But Richmond kicked five goals to one in the third term, with the fightback capped by Tom Brown kicking a goal after the three-quarter time siren to level the scores and have the Tigers army in full roar.
Richmond went 17 points clear in the final term before Carlton fought back, with Jack Silvagni going forward and kicking a goal in his first game for 600 days, since recovering from an ACL injury.
Young Richmond key defender Jacob Blight limped off in the third term with a quad cramp after his excellent game on Harry McKay.
He was subbed out of the game, but it was as much tactical as it was because of injury.
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