The national one shuttler and second seed for the men's singles event here defeated South Korean Lee Hyun-il 21-18, 13-21, 21-13 in the semi-finals Friday at the Beijing University of Technology Gymnasium.
By booking his place in the final, which will be played on Sunday, the 26-year-old Penangite now stands to pocket at least RM300,000 as an incentive from the Govvernment.
If he manages to win Malaysia's first ever Olympic gold, Chong Wei will pocket a whopping RM1mil.
Malaysia has won a total of three Olympic medals thus far - one silver and two bronze medals - which were all delivered by shuttlers.
Before the last four clash here, the record between Chong Wei and Lee was even for this year.
Chong Wei beat Lee in the Malaysian Open final in three games.
When they next clashed in the Korean Open, Lee whipped Chong Wei in the second round and went on to beat world number one Lin Dan in a three-game thriller for the title.
Chong Wei is the only Malaysian shuttler still in the fray in Bejing. The other Malaysians all failed to shine.
Veterans Choong Tan Fook-Lee Wan Wah lost in the men's doubles first round to second ranked Koreans Lee Jae-jin-Hwang Ji-man.
Koo Kien Keat-Tan Boon Heong lost in the last eight to Markis Kido-Hendra Setiawan of Indonesia.
Wong Mew Choo lost in the quater-finals of the women's singles event 7-21, 27-29 to China's Lu Lan.
Wong Choon Hann lost to Taiwan's Hsieh Yu-hsing 17-21,18-21 in the third round of the men's singles event.