The victory came after 22 holes of finely balanced play between two of golf's greatest players and organisers even had to call on artificial lighting to ensure the game reached a conclusion in bitter cold conditions.
Mickelson had missed a 6-footer the previous time they played the hole, then told Woods, "I don't want to win this way, " and told him to pick up his 5-footer to tie.
Two of the world's best didn't have their best early on, but both Phil and Tiger found their form in the last few holes.
Woods also had to scramble for par after a wayward drive on the next before producing the first moment of quality of the day, a superb wedge from 107 yards setting up a conceded birdie which was matched by Mickelson.
Woods and Mickelson's 18-hole matchplay event in Las Vegas has provided golf fans with a heavy dose of entertainment at a time when the golf calendar is usually void.
Mickelson won three holes in regulation with pars.
Tiger smirked and commented, "That hurts the pocket". "In fact, I'm willing to risk $100,000 to say I birdie the first hole".
And they had to play that three times before Mickelson finally prevailed, holing a 4-footer to win the winner-take-all match, 1-up. Woods then chipped in from the fringe and Mickelson missed a birdie put to knot the match heading into No. 18.
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