Fallon, son of former champion Kieren, was the leading apprentice last season and was making his breakthrough at the highest level aboard the Roger Teal-trained victor.
He made a bold move over two furlongs from home on the four-year-old, and had a length and a quarter to spare over the field.
His father famously never won the Group One and neither has Frankie Dettori, who chased him home on Denis Hogan’s Irish raider Sceptical.
Golden Horde, the 2-1 favourite, was back in third for Clive Cox, while Kevin Ryan had to settle for fifth and sixth with Hello Youmzain and Brando respectively. But it was Oxted (12-1) who wrote his and his young jockey’s name into the history books.
Fallon, riding in just his second Group One after finishing unplaced on Les Hogues in the 1000 Guineas, is still an apprentice but was unable to use his claim in such exalted company.
Oxted won the Portland Handicap last September, but reappeared this year with a win in the Group Three Abernant Stakes.
He was taking another big step up in grade but handled it with aplomb, always looking in control down the centre of the track for his young jockey.
Golden Horde had the seemingly preferred position on the rail, but had no answer to Oxted running into the dip and it was Sceptical, who also went close at Royal Ascot, who chased home the impressive winner.
Fallon said: “I’m speechless. I was just a passenger on a very good horse today. Mr Teal and his team have done a very good job with him.
“I can’t believe I’m a Group One-winning jockey as an apprentice, never mind such a young age. I owe Roger so much for keeping faith with me.
“The feel he gives you this year, I couldn’t tell I rode him last year, he feels a different horse
“He’s wintered very well. I finished second on him here before he won the Portland, so we knew he’d handle the dip.
“There was a bit of pressure, but I’d spoken to my dad beforehand, my jockey coach Michael Tebbutt and my boss Mr (William) Haggas, so I’m very lucky to have the support around me.
“Dad just told me to jump out in a straight line and kick going into the dip and then see what’s underneath me. What a horse.”
Teal was also winning his first Group One and could not hide his delight.
Teal said: “It’s no surprise at all. We worked him last week and the lad who rode him said ‘he wins the July Cup’.
“I said to Cieren to keep it simple as there had been winners coming down the middle the last couple of races.
“We knew Golden Horde would go forward and I said to just take a lead off him and attack him up the hill.
“I’ve had a lot of questions asking why we were still using Cieren as he couldn’t use his claim, but he’s just gelled with this horse and if it’s not broke, don’t fix it.”
Mohaather made amends for an unlucky run at the Royal meeting in some style with a clear-cut victory in the Betfred Summer Mile at Ascot.
The four-year-old had gone into many notebooks having had no opportunity to show his ability in the Queen Anne Stakes, but he put that right to comfortably dismiss the opposition and take this Group Two heat. It was only the seventh race of his career.
Mohaather (2-1) had a trouble-free passage on this occasion with the race going to plan, winning by three-and-three-quarter lengths from San Donato, with Duke Of Hazzard,third.
David O’Meara’s Lord Glitters came in fourth.
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