Li dominated the first set but Azarenka raced out to a 3-1 lead in the second before Li slipped and twisted her left ankle. She had it strapped but had problems pivoting and Azarenka won the set 6-4.
The Chinese sixth seed, who won the French Open title in 2011, took a 2-1 lead in the decider before an Australia Day fireworks display delayed play for some 10 minutes. She immediately went over on her ankle again when they returned and hit her head.
A smiling Li returned to court but Azarenka managed to break in the fifth game, then hold serve to jump to a 4-2 lead and she sealed the title, which ensured she retained the world number one ranking, when she broke Li in the ninth game.
In Image: Victoria Azarenka, left, of Belarus holds her trophy after winning the women's final against China's Li Na, right, at the Australian Open tennis championship in Melbourne, Australia, Saturday, Jan. 26, 2013.