Wallace’s 23XI Toyota led the way on the start of the final lap in second overtime, but Blaney was closing fast to challenge for the lead.
Wallace moved high, then low to block and finally on the third attempt got hit by Blaney to trigger a multi-car wreck that ended the race under caution.
Busch, who had lined up third to start the second overtime, was ahead of Blaney when the caution was displayed and declared the winner. He led three times in the race for a total of three laps, including the last one.
The win is the second of the 2023 season for Busch, who claimed his first win for Richard Childress Racing at Fonatana earlier this year. His 62nd career victory was the first for Busch at Talladega since 2008.
“Sometimes you got to be lucky,” Busch said. “Some of these races come down to that.
“You got to take them when they come your way. The seas kind of parted there when they went up the race track.
“They were trying to push-draft. These cars are just not stable enough to do that.
“I saw (Wallace) just turn a little bit sideways. I was like, ‘Get out of the way, just miss it.’ Tried to see if I was ahead of (Blaney) by the time it was called.”
Before the start of the second overtime, Busch’s team quizzed him on pitting for fuel but he opted not to. Asked how close he was to running out, Busch said: “It shut off right here when I was trying to do a burnout.
Race winner Kyle Busch, Richard Childress Racing, Chevrolet Camaro
Photo by: Matthew T. Thacker / NKP / Motorsport Images
“We were sweating it being close. I thought back to California, Fontana, earlier this year where we have a win. I am like, ‘We got to gamble.’
“You’re up here, got to take the track position when you have it, give it what you can on the restarts, see what happens. Lo and behold, it worked out. Knock on wood for this one.”
Blaney was credited with second, Chris Buescher third, Chase Briscoe fourth and Brad Keselowski rounded out the top-five.
Completing the top-10 were Erik Jones, William Byron, Christopher Bell, Daniel Suarez and Todd Gilliland.
Chase Elliott beat Hendrick Chevrolet team-mate Alex Bowman to win the opening Stage, the 2020 Cup champion then finishing second in Stage 2 as Aric Almirola came out ahead of a three-wide move to secure the intermediate points.
Blaney was leading with seven laps to go when Joey Logano – who was recovering from a pitlane pass-through penalty – tried to move into a third lane that had formed on top and spun after contact with Corey LaJoie.
The lap 184 incident, which also collected Ricky Stenhouse Jr. and Burton in the process, sent the race into a two-lap overtime with Blaney out front followed by Almirola, Noah Gragson, Kevin Harvick and Ross Chastain.
Entering Turn 1, Chastain got into Gragson, who got turned into the outside wall and collected Kyle Larson and Ryan Preece, which sent the race into a second overtime.
Early contender Elliott could only muster 12th at the finish as poleman Denny Hamlin slid back to 15th at the flag.