Serving for the match, Krejcikova hit a crosscourt inside out forehand winner and an ace out wide to reach match point.
The 28 year old Paolini sent a backhand stab return wide to end the match.
The 28 year old Krejcikova claimed her second grand slam singles title after winning Roland Garros in 2021.
In the men's final, the 21 year old defending champion Alcaraz used powerful forehands and serves as well as soft drop shots to take the first two sets before the 37 year old Djokovic would mount a comeback in set three.
With stars watching from the stands such as the actor Tom Cruise, tennis legend Rod Laver and Princess Kate, Djokovic mixed offensive with defensive groundstrokes to take a 4-3 lead.
However with Djokovic serving at four games all breakpoint, Alcaraz struck a crosscourt backhand passing shot winner to break serve and lead 5-4.
Djokovic broke serve then held serve to lead 6-5.
Alcaraz held serve to reach a final set tiebreaker.
Alcaraz struck several forehand winners in the tiebreaker before closing out the tiebreaker and the match after two hours and 27 minutes of play.
With the win, Alcaraz had scored back to back grand slam titles after also winning Roland Garros in Paris in June.
However Djokovic continued his tournament losing streak as he has failed to win a tournament since winning in Torino, Italy in November 2023.