The world number one triumphed 11-4 to clinch his eighth major title on an exciting day in Mulheim, Germany.
van Gerwen, who had won the World Grand Prix just a fortnight earlier, also delighted the German crowd by hitting a nine-darter in his semi-final win over Raymond van Barneveld.
And the World Champion went on to defeat Jenkins in convincing fashion before lifting the trophy for the first time.
“It is very special for me because I have never won this trophy before”, said van Gerwen, who defeated Justin Pipe, Brendan Dolan, Dave Chisnall and van Barneveld en route to the decider.
“To win the World Championship and the European Championship in the same year is a great achievement for me.
“I’m playing very well at the moment. A couple of years ago this was all a dream but now it is reality.
“I think I can do even better and after this I am confident of going on to win the World Championship again.”
van Gerwen raced into a 5-0 lead, taking out a sensational 167 finish in the last of those legs.
Jenkins came back strongly, taking the next three legs before van Gerwen took out 60 to make it 6-3.
The Dutchman then won the tenth leg to restore a four-leg cushion and that quickly became five.
‘Mighty Mike’ pegged double eight to go 9-3 ahead before landing double nine to move one leg away from the title.
Jenkins pinned double ten to keep his faint hopes alive but van Gerwen closed out the match brilliantly, hitting two 180s in the final leg, which he won by bedding double top.
By Chris Murphy