Collingwood's thrilling four-point win over the Brisbane Lions in Saturday's season decider went down as an instant classic.
The Seven Network said the epic tussle reached a national audience of 4.98 million Australians on Channel 7 and 756,000 on 7plus.
It was the most-watched TV program this year outside of Women's World Cup.
"It's the passion of the fans that elevates footy from being a sport to a unique spectacle that unites the nation," Seven's head of sport Lewis Martin said in a statement.
"The AFL is Australia's number one winter sport, it's a core part of our DNA, and Seven's expert commentary, insights and coverage showcase the entertainment and exceptional competition of the AFL like no one else."
The Matildas' World Cup semi-final against England in August broke new ground as the most-watched TV program in more than two decades.
It had an average audience of 7.2 million and a reach of 11.15 million, which didn't include viewers on partner Optus Sport.
Seven confirmed it was also the most streamed event in Australian history, with 957,000 viewers on 7plus.
The AFL grand final audience followed a finals series that reached 7.9 million Australians, with an average broadcast audience on Seven of 1.1 million viewers.
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