Phil Taylor defied a spirited fightback from Simon Whitlock to win his sixth Premier League title courtesy of a 10-7 victory at the O2 Arena, with The Wizard's nine-darter in the semis not enough to carry him to glory.
Taylor, who had finished eight points clear at the top of the league table following the 14 weeks of round robin matches had earlier defeated James Wade 8-6 in the Semi-Finals, looked set to romp to the £150,000 title when he moved into leads of 6-1 and 7-2 in the final.
Whitlock though, hit back brilliantly to level at seven-all by taking five successive legs to threaten an incredible comeback.
The Aussie, who met Taylor in the 2010 World Championship final, missed a dart at a double to lead 8-7, and was made to pay as The Power cleaned up in true style by taking the next three legs without reply to regain darts' most prestigious invitational trophy.
"It feels fantastic to be the McCoy's Premier League champion again," said Taylor, who missed out at the Semi-Final stage last year to rival Adrian Lewis.
"The semi-final took a lot of out me, because for some reason I was nervous and it was a real battle against James. Simon had put in a huge effort too in his game and maybe that showed in the final.
"He came back brilliantly but I think that used up a lot of his energy, and even when he got level I knew that I had the throw and just had to keep myself steady, and thankfully I came through."
Taylor lit up the Premier League from start to finish, hitting a nine darter of his own in week two and produced countless ton-plus averages including a 117.35 - a Premier League record.
He failed to reproduce the sort of rampnt form that saw him lose just once in the league stage, but proved his winning calibre once again by sealing the victory despite being put under pressure, producing top finishes of 89 on the bull and a 109.
"I'm disappointed with my performances, even though I'm delighted to win," he added. "I set myself some high standards this year and I want to play consistently at that level.
"I'll have a couple of weeks now to relax and prepare for the UK Open at the start of June, and winning back that title's my next goal."
Whitlock's fightback proved in vein, but the Australian set the tone for what is sure to be a highly successful year as he challenges for his first PDC major, following up his second-placed finish in the league table with a superb run to the showpiece final.
The bearded ace appeared fatigued during the early stages of the final itself, which ultimately cost him dear as he chased his opponent's tail throughout the match.
The Wizard produced a magical moment in leg two of his Semi-Final, with an ice cool nine dart finish to send the 11,000 strong crowd in delerium.
Back-to-back 180s were followed by the traditional 141 checkout, but the world number six took the alternative route with treble 20, treble 15 and the final requisit - double 18.
"I'll never forget the nine-darter. I've thrown a couple of nine-darters before in front of big crowds but not in front of 10,000 fans, so it was special."
"I did well to fight back and get it back to seven-all in the final, but I had one chance to go in front and missed, and before I knew it, it was all over," said Whitlock.
"It's been a fantastic Premier League though and I'm really proud to have reached the final. I think the two best players reached the final.
The feat came in the opening Semi-Final against Andy Hamilton, who missed out on the final after a superb showing to culminate 15 weeks of battling performances.
The Hammer, who booked his place on finals night by winning his last game of the regular season, showed no signs of nerves as he burst into a 5-1 lead at the break, boasting a 100% checkout statistic and only conceeding one leg to a nine-darter.
Whitlock rallied round after the break though to pull back to 5-4, before Hamilton posted a clinical 110 checkout to move 6-4 up.
That proved to be the last leg the Stoke ace would claim in the tourmament as Whitlock reeled off the four consecutive legs he needed to reach the final.
"It's been a great journey and I've enjoyed every single minute of this Premier League," said a disappointed Hamilton. "I've fought again tonight but Simon fought back and showed true resilience, and it was a great game to have a nine-darter against me.
"Simon was a worthy winner, it could have gone my way but it didn't and I feel privileged to have played in such a great arena alongside some great players, and hopefully I'll be back in the Premier League next year."
Taylor was also pushed all the way by 2009 champion James Wade in their last-four contest, with the left-hander leading 4-2 at one stage.
Taylor moved 6-4 up before Wade levelled, but the game turned on a stunning 149 checkout by the world number one, who then finished double top to seal his place in the final.
Teenager James Hubbard was the night's other big winner, as he was crowned as the PDC Unicorn World Youth Champion following a 6-3 win over Michael van Gerwen.
The 19-year-old from Norfolk showed no nerves in a highly entertaining final which demonstrated the strength of the youth game.
He opened up with an 11-dart finish and led 3-0 before holding off the Dutchman's quick-fire fightback to claim the £10,000 first prize.
"It feels amazing," he said. "When you start playing darts, this is what you dream of, and to play in front of 10,000 people is a dream come true for me, and to come out as World Champion is amazing.
"I was nervous before the game but Simon Whitlock was brilliant and gave me lots of advice, and the start I made on stage was terrific and settled me down.
"I didn't think I'd win it to be honest because Michael's so experienced and such a brilliant player. You always believe in yourself, but when I hit that double top it was the most amazing feeling of my life."
The night also featured a special performance of the charity single 'Got My Ticket For The Darts', as Chas Hodges & The Premier League Boys were joined on stage by Taylor, Wade, Hamilton, Gary Anderson, Raymond van Barneveld, Adrian Lewis, Kevin Painter and PDC Chairman Barry Hearn.
Attention now turns to the next televsied major ranking event - the UK Open - which gets underway on June 7 from the Reebok Satdium in Bolton, featuing a whole host of top stars in the tournament known as 'the FA Cup of darts'.
McCoy's Premier League Darts Play-Offs
The O2, London - May 17
Semi-Finals
Simon Whitlock 8-6 Andy Hamilton
Phil Taylor 8-6 James Wade
PDC Unicorn World Youth Championship Final
Michael van Gerwen 3-6 James Hubbard
McCoy's Premier League Darts Final
Simon Whitlock 7-10 Phil Taylor
Premier League darts play-off predictions and tips
Premier League Darts 2013 betting specials from Sky Bet
2013 Premier League Darts live streaming – watch for free on NOW TV
Michael van Gerwen v James Wade - Premier League Darts Live Stream Preview
Phil Taylor v Raymond van Barneveld - Premier League Darts Live Stream Preview