In teams of three, students prepared a three-course meal.
The only requirement was the entree had to use lamb and the main course beef.
Ali Imhoof and Deborah Allan, of Queenstown, shared top prize with Vida Thompson, of Alexandra.
"Winning was a shock but we are thrilled. The experience of working in a team was invaluable and rewarding," Miss Allan said.
One serving of each meal was judged by Ross Thompson, promotions manager at Alliance Group, and local chef Karen Marinkovic, of Riverrun Lodge in Wanaka.
Diners for the evening included farmers and meat industry people.
The three winning teams received cash prizes to the value of $1000.
The event was organised by Millers Flat farmer, Peter Macdougall.
"It is invaluable for these young chefs to learn the qualities of New Zealand's grass-fed beef and lamb ... they did us proud.
"Everyone thought they were on the winning table."