‘Mighty Mike’ was a dominant 7-3 winner at the Alexandra Palace to start the year with a bang.
It looked like it could have been a whitewash by the Dutchman, after he took the first four sets without reply.
However, the Englishman hit back quickly, and took three sets back to make it 6-3 at one point.
Having come through Nathan Aspinall in the semi-final 6-3, Smith was playing in the final for the first time in his career.
In the end, MVG was simply too good, and took the game with an impressive finish.
He will now go on to play in the Premier League of darts.
Alongside him will be a selection if the best players in the world.
Raymond Van Barneveld, who will retire at the end of this year, has one last crack at the Premier League, which he won in 2014.
Despite being ranked 17th in the world, the Dutchman will compete in the prestigious tournament for the final time.
Last year’s World Champion, Rob Cross will be looking to get his year off to a good start after a disappointing showing in the World Championship this year.
Last year’s runner up, Peter Wright, who crashed out of the World Championships in the second round, will look to recover from his lacklustre showing by capturing the title for the first time.
The Premier League kicks off on February 7 at the Metro Radio Arena, Newcastle.
The Play-Offs will be held at the O2 Arena, London, on May 23.
The full Premier League line-up:
Michael van Gerwen
Rob Cross
Peter Wright
Gary Anderson
Daryl Gurney
Michael Smith
James Wade
Raymond Van Barneveld
Gerwyn Price
Mensur Suljovic