Florida quarterback Anthony Richardson went fourth to the Indianapolis Colts, marking just the fourth time since 1967 that three QBs were taken with the first four picks.
The Seattle Seahawks took Illinois cornerback Devon Witherspoon fifth.
The Panthers, who finished 7-10 last season, traded up from ninth to the first pick in a blockbuster deal with the Chicago Bears last month and will hope the starlet out of Alabama will take the reins quickly after rotating through multiple starting quarterbacks in 2022.
"I'm bringing everything I have to the team. They believed in me, and I'm forever grateful for that," Young said.
Standing just over five-feet-10 inches (1.78m) and weighing 204 pounds (92.53 kg), Young is undersized compared to most top quarterback prospects in the modern era but was widely expected to go first overall.
He holds Alabama's single-game record for most passing yards with 559 thrown against Arkansas in his sophomore year.
The Texans took Stroud with the second pick, higher than many had expected following reports the Ohio quarterback had delivered below-par results in a pre-draft cognitive test.
"I've been battle-tested," said Stroud. "Everything I've been through has prepared me for this moment."
The Texans sprung another surprise when they traded up with the Arizona Cardinals for the third overall pick for Alabama pass rusher Anderson Jr.
The annual three-day event kicked off in front of thousands of cheering fans in Kansas City, the home of the Super Bowl champions Chiefs, with MVP Patrick Mahomes and tight end Travis Kelce arriving on stage holding the Lombardi Trophy.
The event took on a sombre note to remember three University of Virginia players - Devin Chandler, Lavel Davis Jr. and D’Sean Perry - who were killed in a shooting on campus in November.
