Bayern had numerous chances to wreck Chelsea's dream and even led 3-1 in the shoot-out after goalkeeper Manuel Neuer had scored.
But Ivica Olic and Bastian Schweinsteiger both had penalties saved from the spot by the Chelsea goalkeeper, to allow Drogba to step up to erase the heartache of Moscow four years ago.
Thomas Muller's 83rd minute header had earlier appeared set to give Bayern victory on their home ground, only for Drogba's stunning riposte to send the game into extra-time.
Drogba blotted his copybook by conceding a penalty early into extra-time, only for Cech to deny Arjen Robben.
Drogba looked primed to go from hero to villain three minutes into extra-time when he tripped Ribery in the box, but Cech spared the striker as he kept out former team-mate Robben's low penalty.
Cech was again on song in the shoot-out to thwart substitute Olic and Schweinsteiger before Drogba sent the travelling Chelsea fans into raptures.
The Chelsea goalkeeper said he had sat with the Blues' goalkeeping coach watch "hours and hours of footage of the Munich players taking penalties."
He went the right way and got his had to all SIX German penalties - saving THREE!
Ok, there will be no penalty shoot-out in England's group stage against France, Ukraine or Sweden ... but we know the quarter-final (if we get that far) will be against Croatia, Spain, Italy or Republic of Ireland.
So perhaps Joe Hart should start looking at the players he could be facing.