The favorite, Winter Memories, was blocked at the top of the stretch and by the time she got out, More Than Real was home free. Winter Memories settled for second and Kathmanblu was third.
More Than Real got a wide trip throughout the race but that left her in the clear in the stretch run.
For the second time in the first two Breeders' Cup Championship races, there was a stewards' examination of the result. This time, however, the result was allowed to stand.
More Than Real, a Kentucky-bred More Than Ready filly, ran the 1 mile on firm Churchill Downs turf in 1:36.61 with Garrett Gomez up.
"It was a very exciting race and Garrett had her ready to roll," said Flay, who won his first Breeders' Cup race.
More Than Real started her career with a win at Saratoga, then finished second in her second start at Woodbine in Canada. Todd Pletcher trains for Flay.