The showcase event took place at the Suwon World Cup Stadium, with England in the final of a major tournament for the first time since 1966.
Solanke was a busy figure early on in proceedings, looking a threat every time he had the ball at his feet.
He should have done better when clean-through, though, with Wuilker Farinez making the save, and the 19-year-old striker also shot wide from distance.
Ademola Lookman forced Farinez into a smart stop with 20 minutes gone, with fellow Everton youngster Dominic Calvert-Lewin then skewing a shot wide.
England were fortunate not to be behind soon after, as Ronaldo Lucena fired a stunning long-range free-kick onto Freddie Woodman’s post.
England went ahead with 34 minutes on the clock, with Calvert-Lewin scoring at the second attempt, following another Farinez save.
The Three Lions goalscorer was then denied by the goalkeeper just before half-time, as England started to really dominate the contest.
Woodman made a big save early in the second-half, thwarting Sergio Cordova, as Venezuela desperately searched for equaliser.
Tottenham‘s Josh Onomah almost scored an outrageous second for Paul Simpson’s side, but his 30-yard strike cannoned off the underside of the crossbar.
Ojo was introduced in place of Kieran Dowell just after the hour mark, hoping to produce a cameo similar to the one he did in the semi-final win over Italy. One surging burst down the left wing showed the blistering pace and power at his disposal.
With 18 minutes left, Venezuela were awarded a penalty, with the decision remaining a spot-kick, having been reviewed by the video referee.
Woodman proved to be England’s hero, however, with the Newcastle ‘keeper making a brilliant one-handed stop from Adalberto Penaranda.
Solanke attempted an outrageous piece of skill at the other end, almost getting in on goal in the process, as the game grew more and more stretched in the final stages.
CHAMPIONS OF THE WORLD!?
— Dom Solanke (@DomSolanke) June 11, 2017
England held on, though, in what was a famous achievement by all involved. It will only stand Solanke, Ojo and Ejaria in good stead.