Top seed Martin Adams held off a remarkable fightback by qualifier Phill Nixon to win 7-6 and clinch his first Lakeside World Championship title.
The Peterborough player lost in the 2005 decider
The England captain was in control early on with some excellent finishing as he built up a 6-0 advantage.
Nixon then showed the form which had got him to the final with six sets in a row to level the match.
But Adams held his nerve in the deciding set, clinching the win with double 20 to spark wild celebrations.
In the battle of the 50-year-olds - the two oldest players in the competition - Adams looked unstoppable early on as Nixon struggled to hit his shots.
When Nixon finally got off the mark in the first set after the break, it was greeted warmly by the crowd but it proved the start of an incredible comeback.
Nixon, who had started the event as a 150-1 outsider, gained confidence from winning his first set and quickly went about making the scoreline even more respectable.
He did that by getting on a roll, at one point winning eight out of nine legs as Wolfie started to feel the pressure.
Adams, beaten 6-2 in the 2005 final by Raymond van Barneveld, was swiftly reeled in and, when it went to 6-6, a great sporting recovery was very much on the cards.
The world number one had missed four darts to win the match in the earlier sets but he gained a new lease of life in the decider and took it without dropping a leg.
He won the first against the throw, then capitalised after Nixon had hit single five with his first dart on a 120 checkout to make it 2-0, and finally pinned double top to win the title at the 14th time of asking.
"It's absolutely fantastic, this means everything to me," said Adams. "I've been chasing this trophy for 14 years and now I've got it.
"I've always said if I could get my name on this trophy one time I'd be a very happy man. Now I've done it and I will take great pride in looking at all the names on it."
Despite seeing his lead disappear, the Peterborough player said he was confident that he would get a chance to finally clinch victory.
This means everything to me
World champion Martin Adams
"I thought 'surely I can't lose from 6-0 up' and thankfully the opportunity did come along.
"Sometimes you try too hard. I could feel my arm tightening up and just told myself to relax and do what I had done in the first six sets."
Nixon said he was proud of the way he fought back against the top seed.
"Martin took the first six sets, I took the next six and then he took the one that mattered," he said.
"The dream is over but there's always next year. I'll have to go one step further. I've been trying for 20 years to get here and never given up.
"When I was 6-0 down I slapped myself on the back of the head and said 'let's go'. But once I started winning sets I was well and truly flowing."