On the fifth and final day at Allan Border Field in Brisbane, the Bulls secured a nine-wicket victory in the Final over the Tasmanian Tigers.
After the opening day was abandoned due to a wet outfield, Tasmania won the toss and batted first.
The Tigers posted 477 on the back of a Matthew Wade century, and half centuries to Jordan Silk, Simon Milenko, George Bailey and Sam Rainbird.
Brendan Doggett claimed a five-wicket haul for Queensland, before the Bulls posted 516 in response, with Charlie Hemphrey (77) the top-scorer.
Tasmania posted 1-166 from just 26 overs before declaring on a rain-affected final day, with Queensland completing a run chase of 128 for the loss of just one wicket inside 23 overs.
A drawn match would have seen Queensland claim the Shield title due to finishing on top of the ladder.
Opener Matthew Renshaw was unbeaten on 81 runs as Queensland secured victory.
It was the Bulls' first Sheffield Shield triumph since the 2011-12 season.
Tasmania keeper-batsman Matthew Wade was named player of the match.