The Flying Scotsman was beaten by van Gerwen in the Premier League Darts semi-finals last week as the world number one went on to lift the trophy for a second successive year but seven days later he's gained a measure of revenge in the desert heat and outdoor conditions at the Dubai Duty Free Tennis Stadium.
In a repeat of the 2016 Dubai final, which Anderson won 11-9, the 46-year-old was on top form as he fired in 12 maximums to help raise his average to 110.88 while he also hit 50% of his attempts at doubles.
Van Gerwen, who averaged 110.46 himself and managed six 180s, led 5-3 early on but needed to win the 12th leg to level it up at 6-6.
Anderson then embarked on a rampaging run of winning five of the next six legs to lift the trophy in stunning fashion.
Anderson won the next three legs to open up a 9-6 advantage only for MVGto respond with an outstanding 11-darter before setting up a possible nine-darter in the 17th leg with scores of 177 and 174.
But after missing his chance of a perfect leg, Anderson took out an 11-darter to lead 10-7 before double four sealed the victory.
He said: "It's a brilliant win for me. The scoring was great and it just shows what an old boy can still do!
A few years ago against a player like Michael I would have just packed in and given up [when I was behind]. Now I believe I can catch them and get on a roll.
"When I retire I can look back at playing the likes of Van Gerwen and Taylor and say that I played them and I beat them."
Earlier in the day, the Scotsman beat his World Cup of Darts team-mate Peter Wright 11-8, averaging 99.29 and hitting four 180s while the highlight game in the sixth leg when he managed a 141 checkout to go 4-2 up.
Snakebite was not at his best, espechially when finishing, as he missed 25 of his 33 attempts at doubles, and Anderson took full advantage.
Van Gerwen cruised into the final for the fifth time with an 11-3 triumph over World Series of Darts debutant Gerwyn Price.
Dubai Darts Masters: Tournament Results
Wednesday May 24
Quarter-Finals (Best of 19 legs)
James Wade 9-10 Gerwyn Price
Peter Wright 10-5 Dave Chisnall
Gary Anderson 10-3 Phil Taylor
Michael van Gerwen 10-5 Raymond van Barneveld
Click here for day one review
Thursday May 25
Semi-Finals (Best of 21 legs)
Michael van Gerwen 11-3 Gerwyn Price
Gary Anderson 11-8 Peter Wright
Final (Best of 21 legs)
Michael van Gerwen 7-11 Gary Anderson
World Series of Darts: Tournament calendar
Dubai Duty Free Darts Masters - May 24-25
Shanghai Darts Masters - July 13-15
US Darts Masters (Last Vegas) - July 13-15
Auckland Darts Masters - August 11-13
Melbourne Darts Masters - August 18-20
Perth Darts Masters - August 25-27
World Series Finals (Glasgow) - November 3-5
Click here now for the full PDC tournament calendar for 2017
