The barnstorming Blues, with spearhead Charlie Curnow kicking six goals, won 16.9 (93) to 10.16 (76) at the MCG on Friday night.
After a scratchy start, Carlton absorbed everything the Magpies threw at them in front of 86,785 fans to ensure they will finish round 20 inside the top eight.
The Blues had won their previous five matches by margins of 50 points or more, but none were as impressive as this.
It ended after a string of soul-destroying defeats to their traditional rivals over the past 18 months, including the heartbreaking Collingwood comeback that ruined Carlton's finals dream in the last round of 2022.
"It was a fantastic performance," Blues coach Michael Voss said.
"Talking to the players, they just wanted that moment. We wanted to get back to that stage and see what's different, what stands up, and they just really stepped into it.
"We didn't change anything with how we wanted to play - we wanted to stay daring and bring pressure on the ball - if they came (at us).
"We were really present, really focused and finished off the game really strongly."
Adam Cerra (20 disposals, six clearances) was instrumental for the Blues before being substituted out with a hamstring injury early in the third quarter.
Captain Patrick Cripps (20, seven), George Hewett (19, three), Nic Newman (27, two) and Blake Acres (20, four) were also important as Carlton dominated contested possession (138-108) and clearances (41-31).
Jacob Weitering was a rock in defence.
Coleman Medal leader Curnow was beaten early by Darcy Moore but sprung to life with his first goal midway through the second quarter and added another five after the main break.
It came as the Blues kicked 10 of 12 goals through the middle of the game to seize control.
Small forwards Jack Martin (three) and Jesse Motlop (two) also finished with multiple goals.
Collingwood had earned a reputation as the comeback kings, winning five of six previous games when trailing at halftime this season and 12 of their previous 16 when behind at the final change.
There was always a sense it might happen again but Magpies coach Craig McRae conceded his side was second best on the night.
"Credit to (Carlton), they dominated major parts of the game - particularly contested possession in the second quarter, which was overwhelming," McRae said.
"Their energy around the contest and clearance put us right on the back foot and made it hard to get the game on our terms."
Collingwood threw punches in the third quarter and dominated inside-50s 17-6 but were outscored 2.5 to 3.1 for the term.
"They were clearly the better team but we had enough chances," McRae said.
Jeremy Howe was thrown forward after Mason Cox was substituted out during the third term, and kicked three final-quarter goals.
Jordan De Goey (25 disposals, five clearances), Nick Daicos (28, six) and Josh Daicos (26, one) fought hard in a losing cause.
Dan McStay kicked two goals but could have made more of his opportunities in attack.
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