Zara Phillips after competing in the Individual Jumping Equestrian Final at the London 2012 Olympic Games on July 31, 2012. Credit: Alex Livesey/Getty

The first royal win!

Queen Elizabeth's granddaughter Zara Phillips took home the silver medal Tuesday after placing second in the Olympic equestrian eventing in London at Greenwich Park, The Associated Press reports. Phillips' win marks the first time a member of the royal family has ever won an Olympic medal and it's the second time a member of the family as competed in the Olympics.

The royal family was in attendance to cheer on Phillips, 31. Prince William, Kate Middleton and Prince Harry applauded from the stands as Phillip's mother, Princess Anne, presented her daughter with the medal.

Britain had hoped for the win, but Germany took home the gold after Phillips and her teammate Nicola Wilson both knocked down fences.

"We wanted gold, but we made mistakes," Phillips said. "When we got this around our necks," she added, while holding her medal, "it was all worth it."

Phillips and her horse, High Kingdom, rode penalty-free on Monday, but hit a rail during the second jump Tuesday.

"It was my fault," she said. "After that he jumped fantastically." 

Despite the penalties, Phillips' royal cousins supported her from the stands with huge smiles on their faces.

Prince William, 30, wore a red cap and gray sport coat while Duchess Kate, 30, stayed bundled up in a Team Britain coat.