The featherweight clash between the two unbeaten Scots had been eagerly anticipated - but from early on it was clear there was only going to be one winner.
Collins - who boxes under the moniker Nightmare - made a dream start as he floored his opponent in the first round.
Ogilvie was then on the canvas in every subsequent round until the referee halted the fight in the fifth to save the 28-year-old from further punishment.
Former Bearsden Academy pupil Collins (23) said despite the contest being his first title fight he was actually less nervous than he had been in any of his previous five pro bouts.
He said: “I was just focussed on the task in hand.
“I’m absolutely ecstatic. I thought that I was going to be dominant in all honesty, I was just confident in my own ability going into it.
“The plan was to get him to come on, although to be fair I didn’t expect it to happen so soon.
“It’s really hard to get journeymen out but I do believe I’ve got a good bit of power so when somebody’s coming to fight, trying to win and walking onto the shots that I’m trying to land, it was much better. It was good to show that I could do that in style in my first title fight.”
Former Commonwealth Games fighter Collins and Kilsyth-based Ogilvie know each other well - and the champion said his opponent had been magnanimous in defeat.
He said: “He just said we’d had a good fight and congratulations and best of luck. There was nothing but respect there.”
Collins also said he wanted to thank his coach Joe Ham senior, sponsors Prepco Scotland, Simpsons Builders, Capital, Everlast, Pro-Life Fitness and manager Iain Wilson at St Andrew’s Sporting Club - and his fans.
He said: “I also had my biggest backing yet, so big thanks to them for buying tickets and spending their hard earned money to come and see me.”