The Ravens now face a trip to the Mile High Stadium to face the Denver Broncos, who are unbeaten in 11 games.
Read how all the action unfolded below:
Let's start by taking a look at the inactives for this game...
Ravens: Omar Brown, Chris Johnson, Adrian Hamilton, Ramon Harewood, Jah Reid, Deonte Thompson, Bryan Hall.
Colts: Nathan Palmer, Teddy Williams, Delano Howell, Delone Carter, Kellen Heard, Joe Reitz, Tony Hills.
The Colts have another absentee this evening - offensive coordinator Bruce Arians has been hospitalised with the flu.
The Colts do have historical links to Baltimore, prior to 1984 the franchise was based in the Maryland city, and left Baltimore without a team for 12 years when they moved to Indianapolis, before the Cleveland Browns were rebranded and moved to the city.
This game will be the last ever game for Ray Lewis at the Ravens' M&T Bank Stadium. The veteran linebacker has announced that he will retire at the end of Baltimore's playoff run after 17 seasons in the NFL.
Both sides will be keen to prove a point with a successful run in the playoffs. Last season saw the Ravens fall short in the AFC Championship game, missing out on a Super Bowl appearance. Meanwhile, the Colts finished the regular 2011 season with the worst record in the league, with few pundits expecting them to make the playoffs this year.
The turnaround in fortunes for the Colts has been led by the drafting of quarterback Andrew Luck, who in his first season in the NFL has broken the rookie passing record, and is one of three first-year QBs to make the playoffs.
The winner of this game will face a tough task next week with a trip to the Denver Broncos' Mile High Stadium to face the AFC's top seeds, who are unbeaten in 11 games.
It should be a closely matched game, the Ravens have home advantage, but the Colts finished the regular season with a better record.
Colts head coach Chuck Pagano was previously the defensive coordinator with the Ravens, and will be hoping his knowledge of their defense gives his team an advantage.
However, Ravens head coach John Harbaugh joked in a press conference earlier this week that he would be seeking tips from his brother Jim Harbaugh, who coached Andrew Luck in college.
The teams have run out on to the pitch in preparation for the game. Not long until kickoff now.
The Colts have won the toss and have elected to receive the ball in the first quarter.
The Ravens kickoff to get the game underway.
Luck hands the ball off to Donny Avery who rushes for a first down on the Colts' opening snap of the game.
The Colts fail to make further progress and punt the ball away. Jacoby Jones is in as punt returner for the Ravens, and makes a good run down field to leave Joe Flacco in a good position as the Ravens offense takes to the field for the first time.
Flacco completes a 24-yard pass to Ed Dixon for a first down just outside the red zone.
The Ravens move in to the red zone for the first time after the Colts are penalised for pass interference.
The Colts have regain the ball at the 11 yard line after recovering a Ravens' fumble. It's been a cagey opening couple of possessions, both side seem wary of making the first mistake.
Luck hands the ball off to Ballard, who is brought down by Ray Lewis, much to the delight of the Baltimore crowd. Lewis is still wearing a lot of tape on his injured arm, but certainly looks ready to be back on the field.
It's slow but steady progress for the Colts, making gains of a few yards at a time, mainly with rushing and short passes to T.Y. Hilton.
Luck is hit at the 30-yard line, knocking the ball loose, and it's recovered by the Ravens. That could be a costly error for the Colts, who had spent over five minutes edging up the field.
Flacco is let of the hook, almost throwing an interception to Davis, but he's unable to make the catch, and the pass is incomplete. However, the incompletion forces the Ravens to punt the ball back to Indianapolis.
The Ravens regain possession just before the end of the first quarter, and gain a few yards rushing just before the change of ends.
END OF FIRST QUARTER: Colts 0-0 Ravens
The Colts saw a lot more of the ball in the first 15 minutes, but the Ravens defense have made it hard for Luck to throw long passes and make big gains.
Flacco completes a 22-yard pass to Torrey Smith, who makes a stunning mid-air catch for a first down.
The Ravens have a first and goal courtesy of a great run from Pierce. The home side have their best chance so far to find the end zone.
FIELD GOAL: Colts 0-3 Ravens (Tucker)
Rookie kicker Justin Tucker finally breaks the deadlock with a 23-yard field goal. The Ravens turned to the kicker following two dropped touchdown passes from Tandon Doss.
Andrew Luck is hit as he releases his pass, and is almost intercepted by Ray Lewis, but the linebacker couldn't control the ball, and put it on the field.
The Colts don't make the first down and are forced to punt, Jones bringing the ball back to the Ravens 40-yard line. However, the Ravens are penalised for a holding offense during the punt, and are moved back 10 yards.
Flacco has been struggling to complete passes in this game, so the Ravens turn to running back Ray Rice to gain some yards. However, the Ravens don't make much more progress by rushing, and bring out their punter.
Allen gets a first down for the Colts, catching a pass from Luck before adding more yardage with his feet to edge the Colts closer to the end zone.
Corey Graham and Paul Kruger sack Luck, before the quarterback completes a short pass to bring out kicker Adam Vinatieri for a field-goal attempt from 47 yards
FIELD GOAL: Colts 3-3 Ravens (Vinatieri)
The veteran kicker easily makes the field goal to level the scores.
Ray Rice gains four yards with the last play before the two-minute warning.
Flacco makes a short toss to Rice who sprints down the sideline for a 47-yard gain to to the two-yard line. Easily the Ravens' best play of the game so far.
TOUCHDOWN: Colts 3-10 Ravens (Leach)
Vonta Leach makes a two-yard rush to force the ball in to the end zone for the first touchdown of the game. Tucker easily kicks the extra point to put the Ravens seven points ahead.
A high pass down the centre of the field from Luck to T.Y. Hilton who takes the ball out of bounds in field goal range to bring Vinatieri back on the field.
FIELD GOAL: Colts 6-10 Ravens (Vinatieri)
END OF SECOND QUARTER: Colts 6-10 Ravens
Vinatieri's field goal reduces Baltimore's lead to four points as the players leave the field for their half-time break.
It's been a very tense game so far, both teams seem more concerned with not losing the game than trying to win.
A narrow lead for the Ravens is probably fair at this stage of the game. The Colts have seen much more time on the ball, and Ravens quarterback Joe Flacco has not looked entirely comfortable, but when they've had the ball near the end zone, Baltimore have looked more threatening, while the Colts have struggled to make big gains.
Let's take a look at some of the number from the first half. Andrew Luck completed 13 of 23 passes for 143, while Joe Flacco completed five of 12 attempts for 108 yards.
Vick Ballard leads the Colts in rushing with 12 carries for a total of 42 yards, and Ray Rice has 10 carries for 41 yards for the Ravens.
The players are back on the field, and we're about to get underway again.
Vonta Leach takes a hit in the opening snap of the third quarter and needs assistance from the Ravens' medical team.
While Leach receives treatment, let's finish looking at the stats from the first half. Reggie Wayne leads the way in receiving with four catches for 50 yards.
Leach is back on his feet on the sidelines, and looks like he will be able to return to the game.
Flacco loses 13 yards and takes a sack, but makes up for the loss with a 50-yard pass to Anquan Boldin to move the Ravens inside the 40-yard line.
Joe Flacco is having a very mixed day. The Ravens quarterback has completed only six of his 15 pass attempts, but has 158 yards, giving him an average of over 26 yards for each completed pass. If he can up his completion rate, the Ravens could be dangerous.
The Colts are back on offense for the first time this quarter after forcing a Ravens punt, but they've got a long way to go, currently lining up on their own 15-yard line.
The Colts' possession comes to nothing, ending with Luck taking a sack to bring punter Pat McAfee back on to the field.
Flacco completed another lengthy pass to Boldin. The Ravens gain 46 yards and move inside the red zone.
Flacco attempts a touchdown pass to Torrey Smith, but Smith is out of bounds by the time he has control of the ball.
TOUCHDOWN: Colts 6-17 Ravens (Pitta)
Dennis Pitta catches a short pass from Joe Flacco for a 20-yard touchdown. Tucker kicks the extra point to put the Ravens 11 points ahead. The touchdown is the tight end's eighth of the season.
Andrew Luck is starting to make some greater gains, completing a 20-yard pass to Reggie Wayne to move inside the red zone.
The Colts move inside the Ravens' 10-yard line, but Luck is unable to find an open receiver to make a touchdown pass, and the field goal unit comes out again for the Colts.
FIELD GOAL: Colts 9-17 Ravens (Vinatieri)
Vinatieri kicks his third field goal of the game to leave the Colts a touchdown and two-point conversion from leveling the scores.
END OF THIRD QUARTER: Colts 9-17 Ravens
Boldin takes another huge catch, gaining 21 yards for the Ravens. However, Ray Rice fumbles the ball on the following snap, and it's recovered by the Colts for a turnover.
Ballard makes a run down the sideline before being run out of bounds for a 24-yard gain, as the Colts move to the Ravens' 23-yard line.
Luck made a short pass to Avery, which would have almost given the Colts a first down, but he couldn't keep hold of the ball, bringing Vinatieri out again.
The kicker misses for the first time today, pulling the 40-yard attempt right of the upright. The Colts remain eight points behind.
Pierce makes a 43-yard run for the Ravens to move them towards midfield.
TOUCHDOWN: Colts 9-24 Ravens (Boldin)/strong>
Anquan Boldin catches an 18-yard pass from Flacco on the edge of the end zone for the Ravens' third touchdown of the game. Tucker's extra point kick is good, and the Ravens are 15 points ahead.
Boldin has been a key player for the Ravens in this game. The 32-year-old wide receiver has five catches for 145 yards and a touchdown.
The Ravens' defense is looking incredible well organised at the moment, the Colts are struggling to get receivers free to make catches, while their running backs are being brought down within a few yards. It looks like Chuck Pagano's inside knowledge of the Baltimore defense hasn't been fully utilised.
Linebacker Dannell Ellerbe has limped off the field for the Ravens after taking a knock while making a tackle. He's limping a little, and it doesn't look the Baltimore are going to send him back on.
Luck passes the ball to Avery who catches while falling to the ground and the ball comes lose. The officials rule it as an incomplete pass, but Chuck Pagano throws the coach's challenge flag, and the call will be reviewed. It looked close.
After a review, the incomplete pass call is confirmed, bringing up third down for the Colts. Luck rushes the ball himself, sealing a third down.
The Colts decide to go for it on fourth down, needing just a yard, but Luck's pass is intercepted by Cary Williams, who runs it back to the 44-yard line.
Reggie Wayne takes a big hit to the helmet from Bernard Pollard while trying to catch a pass from Luck. Despite the contact, the wide receiver seems fine.
Despite needing at least two scores inside the final three minutes, the Colts are continuing to push. For a team made up largely of rookies, the playoff experience will be invaluable.
The Colts go for it again on fourth down, but Luck's pass to Ballard is incomplete, bringing the Ravens offense back on the field.
Ray Lewis is given a standing ovation by the Baltimore crowd as he comes of the field for what is likely to be the last time at the M&T Bank Stadium.
The Ravens are effectively just playing to run the clock down now. Bernard Pierce runs for a first down to pass the 100-yard mark for the game. The running back has had a quietly busy game.
The Ravens have brought Lewis in to the offense for the final snap of the game. The linebacker breaks in to dance as the clock runs down. His career continues for at least another week.
FULL-TIME: Colts 9-24 Ravens
So the Ravens will travel to the Denver Broncos next weekend to face Peyton Manning and co.
Despite being knocked out in the first round of the playoffs, the Colts will be proud to have made the post-season, having won just two games last season.
The Ravens will need a win next week to match last season, when they reached the Championship game.
Speaking to CBS after the game, Ray Lewis has described his last game at the Ravens' home stadium as "the most awesome thing you can ask for in professional sport".
Well that's all from me, stick around for coverage of the Washington Redskins' game against the Seattle Seahawks.