Aidan O'Brien's colt, who went off at 15/8, beat French Fifteen (12/1) by a neck with 16/1 chance Hermival two and a quarter lengths back in third.
Camelot, under the trainer's son Joey O'Brien, made relentless headway over the final three furlongs to take the spoils to justify favouritism that was gained after winning the Racing Post Trophy on just his second start.
The French duo of French Fifteen and Hermival completed the places with the latter on the far side after the field split into three groups early on over the mile trip.
O'Brien senior, winning the 2000 Guineas for a sixth time, said: "It's one of those unbelievable days.
"We knew from the statistics that Camelot had a lot against him, we knew he had a lot to overcome but we always thought he was very special.
"I was worried about the race and I'm glad I didn't say anything to Joseph.
"I'm delighted for everybody and all those who work with him every day. We are very lucky to have such a horse and many special people who look after him.
"Obviously I learned a lot from running St Nicholas Abbey in the Guineas two years ago and it's only now he's getting the brilliance back he had at two."