Captain Rosie Wild passed the All Arms Pre Paracute Selection (AAPPS) - known as the 'P Company' course.
The eight challenges of the course include marching 10 miles with a 16kg backpack under a strict time limit and carrying a 79kg stretcher for more than four miles.
The 28-year-old was described as a "trailblazer" for completing the course, which many women have attempted.
Brigadier John Clark, Commander of 16 Air Assault Brigade, said: “Women have been invited to undertake the gruelling ‘P Company’ course since the mid-1990s - several have attempted but Captain Wild is the first to pass.
“She is a trailblazer and we hope that her achievement will encourage other women to have a go. A more representative force will only make us stronger."
Capt Wild was awarded the maroon beret at a parade of the Parachute Regiment in Catterick, North Yorkshire, but she will not join the regiment.
She will serve in the 7th Parachute Regiment Royal Horse Artillery, which is attached to the Army's Air Assault Task Force.