Two other workers died when the gold and silver mine in the state of Sinaloa caved in on March 25, trapping four men.
One miner was rescued on March 30, and a diver located the other survivor on Tuesday night.
“Incredibly -- and fortunately -- he was found alive,” President Claudia Sheinbaum told a regular news conference.
Hundreds of rescuers had worked day and night for two weeks, using specialized water-extraction equipment to reach the miners.
According to authorities, the mine caved in due to a waterproofing failure which compromised its structure.
Accidents are not uncommon in mines in Mexico, where some operate clandestinely or with substandard equipment and safety.
In August 2022, a mine collapse in the northern state of Coahuila killed 10 workers.
In that same state in 2006, 65 miners died in an explosion at the Pasta de Conchos coal mine.
