The Dutchman, 34, was the defending champion and takes home a £275,000 top prize.
He had been level with darts great Phil Taylor on six titles.
“I’ve been working really hard and had problems last week, but I put the pressure on myself and it motivated me today,” the world number three said.
“I had to do something special today and I think today I played some fantastic darts.”
It was the first time Welshman Price, 38, had reached the Premier League play-offs.
“I just couldn’t find the trebles or doubles, sometimes it goes like that, I’m gutted as I feel like this one has got away,” he said.
It was a close final until Van Gerwen broke Price’s throw with a spectacular 170 checkout to lead 4-2.
Van Gerwen stretched his lead to 7-2 and it was the Dutchman who showed his class in a record ninth Premier League final and held his lead to take the win.
Story of the semi-finals
Price started off the night in blistering form, demolishing his Welsh World Cup team mate Jonny Clayton 10-2 in the first semi-final of the night.
Van Gerwen looked like he was cruising to victory in the second semi-final against the world champion Michael Smith, leading 7-3 at one stage.
The world number one Smith took out two bullseye finishes to close the gap to 9-8 but the Dutchman held on to win their semi-final 10-8.
Source – BBC Sport
Share your thoughts