England were 2-0 down against Germany in the last-16 clash but the Three Lions started to pile on the pressure.
Midfielder Lampard struck a beauty which hit the underside of the German crossbar, clearly going past the line, before bouncing away from the net.
But Uruguayan referee Jorge Larrionda ruled that the ball did not cross the line and the Germans went on to win the match 4-1.
England supporters were outraged, the whole country feeling let down by a flawed system.
The incident was one of the reasons why FIFA decided to bring in goal-line technology for the 2014 World Cup in Brazil.
On the controversial World Cup moment, via Goal Lampard said he has no regrets and that he's just happy the incident meant VAR is used regularly football today.
"I don't think much about it," said Lampard, who is now manager of Everton.
"I can't see much point in having sleepless nights about it.
"It changed the game for the better, so I'm pleased about that. It's a positive move for the game as a whole with the introduction of goal-line technology."
Lampard also once revealed that Germany's goalkeeper, Bayern Munich legend Manuel Neuer, admitted to him that the goal should have stood.
"He's always linked closely to me, as I often get asked about the goal that never was," Lampard told FourFourTwo.
"I actually bumped into him on holiday last year and we had a joke about it by the pool.
"He was open to the fact that it was a goal – pretty easy to say years after the event!"
Words by Jacque Talbot.
Featured Image Credit: Alamy