The game ended in a goalless draw during regular time and Siroh Chatthong’s penalty kick gave the War Elephants a 5-4 win.
It was the first trophy for the Thai team under Serbian coach Milovan Rajevac after taking over the top job from Kiatisak “Zico” Senamuang in April.
Midfielder Theerathon Bunmathan was named man of the match after the outstanding performance throughout the match.
In another match for the third place, Burkina Faso defeated North Korea in a 4-3 penalty shootout after the game ended 3-3 during regular time.
In the King’s Cup, no extra-time is allotted in case of a draw at the end of regular time.