Wales' long wait for a win over the All Blacks now 72 years.
New Zealand end mixed season with seven-try win.
Visitors lead 24-14 at half-time through Caleb Clarke, Ruben Love and Tamaiti Williams.
Wales hit-back as Tom Rogers become first Welshman to score a hat-trick against the All Blacks.
New Zealand twice have tries ruled out after TMO review in second half.
But Rieko Ioane, Sevu Reece (twice) and Clarke put All Blacks back in control.
Louis Rees-Zammit scores late as Wales claim their highest score against New Zealand in Cardiff.
Read: Match report
Wales 21-45 New Zealand
Gareth Delve
Former Wales international on BBC Radio Wales
Great moment for Morgan Morse. He's such a talent as 21 caps for Wales Uncder-20s testifies.
He is such a prospect that it has just been about picking the right moment and challenge to throw him in.
Reece try, McKenzie con
Another, with the dancing feet of Sevu Reece over again.
It looked like New Zealand had butchered their chance with a long pass to the right but the sub wing bamboozles Jarrod Evans with his footwork.
McKenzie adds two more from the tee.
Image source, Getty ImagesWales 21-38 New Zealand
Taine Plumtree is shown yellow for a high shot on Will Jordan.
Wales are pinned into their 22 as Ospreys back-row forward Morgan Morse comes on for a Test debut. Scrum-half Kieran Hardy on as well.
Image source, Huw Evans Picture AgencyWales 21-38 New Zealand
Gareth Thomas is returning but there's another warning for Dewi Lake for another penalty.
Oh, and there's a TMO intervention for a dangerous tackle by Taine Plumtree...
Wales 21-38 New Zealand
Today's attendance is 68,388.
Most would have expected an uglier scoreline than this, but Wales need to dig deep in the last quarter.
Wales 21-38 New Zealand
Harri Deaves heads to the touchline with Rhys Carre back on due to Gareth Thomas' yellow card.
The Ospreys flanker has put himself about with his usual gusto on Test debut.
Wales 21-38 New Zealand
Gareth Davies
Former Wales fly-half on Cymru Fyw
Wales defensive work has been exceptional. The spirit has been there.
But they've been under a lot of pressure for the last 10 minutes and it's taken its toll.
Wales 21-38 New Zealand
Lively break by Louis Rees-Zammit down the right but New Zealand scramble.
Penalty to Wales, mind. They will hunt another try after kicking to the 22... but the line-out isn't straight and the chance goes.
Wales 21-38 New Zealand
Gareth Delve
Former Wales international on BBC Radio Wales
It's pretty disappointing from Gareth Thomas who has only just come onto the pitch.
Wales' defensive system has stood up well but he lifted legs in the lineout and then really needs to make an effort to wrap his arms in the tackle. It's unnecessary.
Reece try, McKenzie con
New Zealand peel off the lineout and hammer away.
The ball is then put out the back for slick handling to put replacement wing Sevu Reece over down the right.
Ruthless.
McKenzie twists the knife from the right touchline.
It's a 17-point lead and Wales have almost seven minutes left with 14 men.
Image source, Getty ImagesWales 21-31 New Zealand
New Zealand go backwards despite going through the phases - terrific Welsh defence - but then get a penalty for a no-arms tackle.
Gareth Thomas is only just on but is sent to the sin bin.
New Zealand go to the corner.
Image source, Getty ImagesWales 21-31 New Zealand
He's just gone off (replaced) but what a day for Tom Rogers.
Three tries against the All Blacks and a couple of big defensive efforts as well.
He will remember this game!
Wales 21-31 New Zealand
Another penalty allows New Zealand to kick towards the 22 and then there is another offence.
Wales need to dig deep here after putting so much effort in with a huge tackle count.
Captain Dewi Lake gets a team warning - a yellow card would seriously stress them.
The All Blacks go deeper towards the corner as Nick Tompkins comes on for hat-trick hero Rogers.
Wales 21-31 New Zealand
Gareth Delve
Former Wales international on BBC Radio Wales
Rieko Ioane is one of the strongest players in world rugby and it's almost impossible to stop him from there.
What a signing that is for Leinster.
Wales 21-31 New Zealand
There are some weary Welsh legs and Steve Tandy has made his first replacements.
Props Gareth Thomas and Archie Griffin are called into action.
Ioane try, McKenzie con
More All Blacks pressure. They power into the 22 and win a penalty.
A kick to the right eludes Jordan and Rees-Zammit and is gathered by Rieko Ioane, who spins over.
Finally New Zealand have their try - and it's given the all clear by the TMO.
Majestic conversion from the right and it's a 10-point lead again.
Image source, Getty ImagesNew Zealand kick to the corner. The line-out is botched but Will Jordan claims it and somehow powers over down the right.
Wait, the TMO is called into action again... did he ground it? Hollie Davidson saw it grounded, is there evidence to overturn the score?
The Scottish official awards a drop-out after deeming there were arms under the ball.
It remains 24-21 to New Zealand.
Image source, Getty ImagesWales 21-24 New Zealand
New Zealand are back on the front foot and they pile on the pressure in the 22 with hard carries against spirited defence.
Eventually the ball is spread to the left where there is some weak defence, wing Caleb Clarke powering over.
However, before the restart there is footage of a knock on in the build-up.
The try is chalked off and it's a penalty to New Zealand instead.
Image source, Getty ImagesWales 21-24 New Zealand
Tom Rogers missed out against Japan last week after starting versus the Pumas in the autumn opener.
The Scarlets wing has become the first Welshman to score a hat-trick against the All Blacks.
Wales 21-24 New Zealabnd
James Hook
Former Wales fly-half on BBC Radio Wales
Again it's that combination of Max Llewellyn and Tom Rogers combining after a great pass by Dan Edwards.
Llewellyn was fantastic in the first half, creating both tries with strong running, straightening the line and timing his pass.
And he's done it again.
It's great stuff from this young Welsh team.
