- Cole Palmer (63')
- Youssef En-Nesyri (25')
The first nine spot kicks of the shootout were all converted, but Nemanja Gudelj struck his penalty against the crossbar to hand victory to City in the annual meeting between the winners of the Champions League and Europa League.
It was a 15th trophy won by City in Pep Guardiola's tenure with Man City that began in 2016.
It was a exciting match played in scorching heat and humidity as an obstinate Sevilla caused many problems for a City defence which was often exposed.
Sevilla made last season's Champions League winners uncomfortable with aggressive high pressing and En-Nesyri wasted several opportunities before he scored following a counter-attack.
Erik Lamela wasted another good Sevilla chance before Manchester City started to take control of the match, finishing the first half strongly as Erling Haaland and Mateo Kovacic just failed to convert crosses from Phil Foden and Jack Grealish.
Sevilla started the second half strongly, however, and En- Nesyri missed a sitter following a brilliant counter-attack led by Lucas Ocampos.
Nathan Ake could have won it for City in added time but his stooping header from five yards was brilliantly saved by Bounou, who almost stopped Kyle Walker's spot-kick in the shootout before Gudelj hit the bar.
"It was always going to be a tough game. The lads put in a good performance. We have to be more clinical but we got the job done," City captain Walker told TNT Sports. "If anyone played with me they know I don't like taking penalties because I don't like letting people down if I miss.
"Pep put me in at five. [I wanted to] show leadership. Luckily it went in and was the winning one."
- Francois Letexier