The world number one’s title defence ended with a 6-3 loss at the hands of the impressive Scotsman.
A key moment arrived when van Gerwen missed four darts to take a 4-3 lead, with Anderson punishing the Dutchman before going on to win three further sets to progress.
After the first two legs were shared, back-to-back finishes of 80 saw Anderson clinch the opening set.
The Scotsman extended his run to five legs on the spin to open up a two nil lead in set two but van Gerwen responded with three brilliant twelve-darters, hitting two 130 checkouts with an 88 finish sandwiched between as he levelled the match.
Anderson rattled off the next two sets in quick succession to increase his lead to 3-1 but ‘Mighty Mike, won the next one 3-0, upping his 180 count to eight in the process.
Van Gerwen then levelled the match by winning the sixth set from 2-1 down, thanks to finishes of 118 and 66 to break in the deciding leg.
The Dutchman missed four darts to take the seventh set, however, allowing Anderson to take out 55 in the decider to regain the lead.
And that lead was doubled as ‘The Flying Scotsman’ punished van Gerwen for missing three darts to level the eighth set, with Anderson bedding tops to move within one set of victory.
He then broke van Gerwen’s throw in the first leg of what proved to be the final set. The world number one produced a stunning 149 finish to stay in the match and then pegged double five to lead the set 2-1, only to see his opponent take the next two legs to end his reign as World Champion.