It went all the way to a deciding leg and Smith missed multiple match darts and Wright cleaned up to claim it 11-10 in a thrilling end to the first tournament of the new season in Milton Keynes.
Wright started off brilliantly going into the first interval at 4-1 up but Smith always kept with him going 4-2 behind.
Despite that Wright went 6-3 up to regain his three-leg cushion to ask the question already of Smith even at this early stage of the contest. He answered it going 6-4 behind as he continued to battle the tide of Wright who continued to lead.
A sixth 180 and double five from Smith saw him peg him back to 7-5 but he needed a break of throw. He gained this before the next interval going only 8-7 behind to close the gap to just one leg, could he do it?
He went back onto level terms with a 130 checkout to make it 8-8 as he looked to claim the lead but Wright nudged back in front as the match reached it's conclusion.
Smith hit an 11-darter to send it all the way at 10-10 but he missed match darts to win his first TV title and Wright as a result picked up the pieces to claim the title.
Click here for more information on The Masters, the traditional season opener in Milton Keynes.
Evening Session (1900 GMT)
Semi-Finals
Nathan Aspinall (92.4) 10-11 (92.48) Michael Smith
Peter Wright (98.86) 11-7 (96.85) Gary Anderson
Final
Michael Smith (89.71) 10-11 (95.01) Peter Wright
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