In just his second Test match the 25-year-old left-hander's brilliant 101 put the Tigers in position to push for what would be their greatest win in long-form cricket.
There is still a long way to go but Bangladesh won their fifth session in a row to go to tea at 3-286 on the second day of the first Test, a lead of 88 runs.
Left-hander Mominul Haque (49) and Tanzid added 102 for the second wicket with poise and flair after the visitors began proceedings at 1-96, in replay to Australia's 198 all out.
Captain Najmul Hossain Shanto (79no off 114 balls) dominated from the start of his knock to continue the momentum against an Australian attack that posed few questions, despite using seven bowlers.
Tanzid has cemented himself as a regular in white-ball cricket at the top of the order but against a world-class attack he appears set for an extended run in Tests too.
On 96, he tried to slap Nathan Lyon over cover to bring up his century and lobbed the drive close to deep mid-off. A push past Lyon in the next over secured an extraordinary ton before he was out lofting down the ground.
The dashing opener's driving through cover and point was exquisite and his shot selection was outstanding after a shaky start late on the opening day.
He skied a T20-style lofted drive before he had scored in Josh Hazlewood's first over but Lyon made a mess of the attempted catch as he raced around from point towards cover.
From that moment he reined it in and made the most of a dropped chance by Steve Smith at slip off Lyon when on 62.
The conditions early provided bounce and carry for the vaunted pace attack and a healthy amount of seam as well, but Bangladesh's batters were far more judicious than Australia had been with their shot selection.
One square cut by Shanto, where he stood on his toes and placed a Mitchell Starc delivery to perfection to the boundary, summed up the methodology of the visitors.
The captain waited for the ball and hit it right under his eyes, rather than reaching out for it as several Australian batters had done.
A monster six over long-on off Lyon showcased who was boss.
The century partnership for the second wicket was brought up with the shot of the match when Tanzid danced down to Beau Webster and lofted his drive straight over the mid-off boundary.
After a first day that was regarded as the best single day of Test cricket played by Bangladesh, against a full-strength Australia, the challenge was always going to be to back it up.
Mominul, 34, took up that challenge. The No.3 has been a wonderfully consistent player in Test cricket for Bangladesh and reached double figures for his 17th consecutive innings, dating back to April of last year.
He was on the cusp of his eighth half-century in that period but nicked a waft off Hazlewood to fall one run short.
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