The 24-year-old odds-on favourite lost just two legs in taking the first four sets but then had to survive a determined fightback from 16th-seeded Scot Wright.
"I got nervous after going 4-0 up but it doesn't matter how you win a final, winning it is the most important," Van Gerwen told Sky Sports.
The victory saw the Dutchman take over as world number one from 16-times world champion Taylor who lost in the second round.
"It's so difficult to win this title and there was more pressure on me this year than last year," added Van Gerwen.
"It means so much for me. It's unbelievable, a dream come true. I'm so glad I won but all credit to Peter, he did well and put me under pressure."
The 43-year-old Wright, who was roared on by the Alexandra Palace crowd, said: "I never give up - that's my game. The crowd got behind me and made me play - but well done Michael."