The son of retired goalkeeper Andy Woodman and godson of Gareth Southgate, got his hand on a 74th minute spot-kick as Venezuela tried in vain to get a foothold in the game.
The save proved vital, and ensured Dominic Calvert-Lewin’s first half goal was enough to see England taste success in South Korea.
Everton youngster Calvert-Lewin, one of four Toffees players in the starting line-up, broke the deadlock in 35 minutes after a slow opening to the game.
The 20-year-old challenged Nahuel Ferraresi to the ball and managed to get a shot on goal, which Wuiiker Farinez saved.
But the tenacious Everton forward managed to get his foot on the rebound to put the Three Lions ahead.
After the break Venezuela looked much the better team for large periods, and threatened England’s goal on more than one occasion.
They were awarded a penalty with a quarter of an hour to go when Adalberto Penaranda was brought down in the box by Jake Clarke-Salter.
But Newcastle keeper Woodman got a strong hand to the subsequent spot-kick to win England the game and the 2017 Under-20 World Cup final.