Goalkeeper Greg Fleming was Ayr United's hero as they secured promotion to the Scottish Championship after a penalty shoot-out at Somerset Park.
The sides were level at 1-1 after the first leg at Stair Park and chances were at a premium during a dour return that finished goalless.
Fleming saved nervy spot-kicks from Paul Cairney, Jamie Longworth and David Barron.
And Andy Graham took his chance to fire the winning penalty for Ayr.
Jordan Preston and Alan Trouten had already beaten Stranraer goalkeeper Cameron Belford from the penalty spot and, although Ross Docherty fired against the post, defender Graham's strike signalled a pitch invasion in the Ayrshire sunshine.
Willie Gibson was the only Stranraer player to find the net as the Blues squandered a chance to return to the second tier for the first time since 2006.
Instead, it is Ian McCall's Honest Men who take the step up after a four-season spell in the third tier.
Ayr had gone into the game as favourites after Docherty's stoppage-time equaliser in the first leg stretched their unbeaten run to three games.
They had already defeated Stranraer in three of their five meetings this season and had finished 10 points clear of their visitors as runners-up behind Dunfermline Athletic.
Stranraer, who had been bottom of the League One table at the turn of the year, were looking to complete a remarkable recovery that led to them qualifying for the play-offs by finishing fourth and then beating Livingston in their semi-final.
Brian Reid's side had scored eight goals in relegating Livi, while Ayr had struck six against Peterhead as they joined the Blues in the final.
However, this second leg of the final never threatened to be a goalfest as nerves got the better of any attempts at fancy footwork on the fiery surface.
Stranraer just edged the match in terms of chances, with an Andy Stirling drive forcing Fleming to make the first save.
Preston had an attempt saved by Belford at the other end while further chances were squandered by both sides.
However, Stranraer had the best chance during normal time, with Stirling firing over when through on goal.
Substitute striker Longworth headed wide in extra time then narrowly failed to get a touch on a Stevie Bell header across the face of goal in the dying seconds as the Blues were left wondering what might have been.