The Manchester City striker turned in an impressive performance with a first-half double to power the Azzurri to the final, where they will take on Spain.
Balotelli made his way into the crowd and embraced Silvia, who has taken care of him from the age of two.
"After the final whistle, I went to my mum, it was the best moment," Balotelli told Rai Sport. "I dedicated the goals to her.
"I waited a long time for this moment, I only wanted to make her happy. She will be at the final, I hope that I will score my fourth goal of the tournament there.
"The Golden Boot award? I am trying to score, I am always trying."
The former Inter man took off his jersey after netting his second goal, and he went on to joke that Antonio Cassano, his strike-partner, was threatened my his body.
"Cassano? He was afraid of my physique after I took my shirt off!"
Balotelli was part of the Italy team which eliminated England at the quarter-final stage, but he insists there will be no bad blood with City fans when he returns to his club.
"Although I helped to send England out of the tournament, City's fans like me," the 21-year-old pointed out. "I will stay there for now. I will not return to Italy."