After three hours of competition, it all came down to the very last climb for the Austrian.
The Olympic bronze medallist waited anxiously as Czech climber Adam Ondra made his way up the lead wall but failed to make a top, leaving Schubert the chance to clinch gold and leave Ondra with silver.
"This was such an amazing competition," Schubert said on stage after he secured the win, "I've been here for 10 days now climbing many rounds and every single round it was so incredibly fun to climb in front of this crazy crowd. Even in qualifications it felt like a final because it was already packed and it's so enjoyable."
Another familiar face to the Olympic family is Tokyo 2020 champion Alberto Gines who took bronze in the first event the world's best male climbers had to showcase the new Olympic format which will be contested at the Paris 2024 Games. A day earlier, Janja Garnbret won the women's title.
If this event is anything to go by, then sport climbing is going to be thrilling viewing in Paris in two years.
As the first winner in the new discipline, Schubert would love if this is a good sign for his future in the joint event.
"My long term goal is to qualify to go to Paris and try to fight for an Olympic medal again," Schubert said.
"The experience in Tokyo was incredible so I definitely want to go to the Olympic Games again. The new format is kind of special again so if you have one bad bouldering round it might cost you but today I had a good one and it was enough for the victory and I hope it will be like this many more times in the future. Let's see."
Ondra leads way in boulder - but can't back up in lead
A little bit of rain didn't dampen anyone's spirits as the music pumped and the spectators roared at Konigsplatz as fans were thoroughly entertained by the new B&L event.
All eight climbers attempted the four boulder routes, before moving onto the lead wall. In the lead event, athletes had six minutes to climb up the route and collect points.
Although Ondra earned the most points in boulder, getting three tops and a total score of 80.7 out of 100, he missed the last clip of the lead route.
Schubert was third in boulder with 80.5 points but the 31-year-old managed to climb the highest in lead, which enabled him to secure the gold with a total 175.6 points to Ondra's 170.8.
Ondra's silver in B&L compliments the other medals he won this week: bronze in the boulder and gold in lead climbing at Munich 2022.
This is the final event of the European sport climbing championships. The next B&L event will take place in Japan in October.