Green floored Jones with a right hand to the head after one minute. Green moved in to apply more pressure, and following a series of blows, English referee Howard Foster stopped the bout after just 122 seconds.
Jones offered no excuses for a defeat which could signal the end of his career.
"We don’t make excuses, it was a great performance by Danny", Jones said.
Green was almost apologetic for handing such a defeat to one of his boxing role models.
"He’s one of the greatest fighters of all time and the opportunity to fight him in Australia, thanks, Roy Jones Jr.,"Green told the crowd.
"I almost feel bad doing that, that almost hurt me to do that to someone whom I aspire to look up to as a professional fighter inside and outside the ring. He’s a bloody legend."
"I didn’t surprise myself," said Green.
Green won the IBO cruiserweight title in Biloxi, Miss., in August with a victory over Argentina’s Julio Cesar Dominguez on the undercard to Jones’ NABO light heavyweight championship win over Jeff Lacy.
Jones had been stopped just twice in his career, by Antonio Tarver and Glen Johnson, but Green warned ahead of the fight that he could end the Sydney fight early.
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