Hibernian scored in stoppage-time to stun Rangers with a 3-2 victory at Hampden Park, ending its 114-year wait for Scottish Cup glory.

Hibs had lost 10 consecutive finals since its previous success in the competition back in 1902, but celebrated wildly on Sunday (AEST) after captain David Gray headed in a 92nd-minute winner.

Rangers had beaten Alan Stubbs's men to promotion from the Scottish Championship this season, but missed out on glory in heart-breaking fashion having got past rival Celtic in the semi-finals. 

Hibs took the lead inside three minutes when Anthony Stokes, on loan from Celtic, charged into the box unchallenged from the left and rolled an impressive finish into the bottom corner.

But Rangers levelled with its first attempt on target after 27 minutes through Kenny Miller's bullet header from James Tavernier's accurate cross.

Stokes almost made an instant response at the other end when he cannoned a long-range drive off the foot of the post, before Rangers was inches away from taking the lead itself when Miller thumped another header off the woodwork.

Mark Warburton's side took the lead after 64 minutes in spectacular fashion. Andy Halliday collected possession 25 yards from goal and unleashed a magnificent left-footed shot past goalkeeper Conrad Logan as they appeared to take a huge step towards victory.

However, the impressive Stokes brought a thrilling final back level with 10 minutes remaining, flicking a header past Wes Foderingham from Liam Henderson's corner.

History was made two minutes into stoppage-time when Gray thumped in a header from another Henderson corner, with a massive pitch invasion and jubilant celebrations from the Hibs contingent after the final whistle.