Melinda Freeman, 27, was found dead by her husband Craig at her home in Whittlesea, in Melbourne's outer north, on October 4, 1991, after she was assaulted.
A 63-year-old man was arrested at Greensborough, also in the city's outer north, on Wednesday morning, police said.
The Greensborough man was charged with murder following an interview and will face Melbourne Magistrates Court later on Wednesday.
It will be alleged the pair knew each other.
Police have previously said Mrs Freeman and her husband spent the day of her alleged murder with immediate family to celebrate her sister's return from overseas.
The couple returned to their home on Yea Rd about 4pm.
Later, Mr Freeman left the house and took their nine-month-old son to a card game to give his wife time to study for her beauty course.
When they returned at 11.30pm, the house looked like it had been ransacked and the front door was open.
Mr Freeman found his wife's body lying on the landing on the top storey of the house.
In 2018, police received an anonymous tip-off about Mrs Freeman's death.
A $1 million reward was offered by police in 2022 for information leading to the arrest and subsequent conviction of anyone responsible for her death.
17°C