Zimbabwean Black and South African Huber ended the Taiwanese wildcards' title hopes with a 6-4, 6-7, 6-1 victory.
"We've been through a lot together and it's great to have you back on board," Black told her partner during the presentation ceremony.
She added to the runners-up: "You are a really young team and what a great achievement to get into the final in your first grand slam. I know you've got a great future ahead."
Chuang and Chan already created history when they become their country's first grand slam finalists in singles or doubles after they had dispatched reigning champions Yan Zi and Zheng Jie of China in the semi-finals.
The week started inauspiciously for the two, the 17-year-old Chan losing in the first round of the women's singles to Australia's Alicia Molik before tumbling at the second hurdle of the girls singles.
Chuang, 21, fared little better, losing in the first round of women's qualifying, but the setbacks have let the pair focus on their impressive doubles campaign.
They edged past unseeded opposition in tight three-set matches in the first two rounds and gave an indication of what was to come when they overcame fifth seeds Dinara Safina and Katarina Srebotnik in the third round.
They dished out a 6-0, 6-0 hammering to Ashley Harkleroad and Galina Voskoboeva in the quarter-finals before their best result so far against the Chinese pairing, who made history with their country's first major title at Melbourne Park last year.
On Friday, the African duo had leapt to a set and 4-2 lead.
But after Black was broken while serving for the match at 6-5, the Taiwanese duo came back strongly in the tiebreak to level the match.
However, their inexperience on the big stage came to the fore as they lost five games on the trot in the decider before Black sealed victory, and their second grand slam title, with an unreturnable serve.
"I hope my family is proud," a beaming Chan said.
