Taylor had to fight back from 2-0 and 4-2 down in the final against the young Dutchman before eventually running out a 7-4 victory.
The 52-year-old Taylor, who had said after his semi-final victory over Raymond van Barneveld that he was feeling fatigued, appeared to get stronger the longer the match against the 23-year-old van Gerwen went on.
Taylor, who last won the title in 2010, said he was "chuffed" at the success but was unsure as to how many more years he would remain in the top level of the game.
"I really don't know how much longer I can keep doing this," Taylor said. "I'll be 53 years old next year when coming back to defend this title."
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