At the 2020 PDC World Darts Championship Wright survived a match dart at bullseye to win a sudden-death leg against Noel Malicdem in the second round, before beating Seigo Asada and Jeffrey de Zwaan to reach the quarter-finals, where he triumphed 5–3 over Luke Humphries to reach the semi-final for the first time since the 2017 tournament. In a bad-tempered affair, Wright defeated Gerwyn Price 6–3 in the semi-final and defeated Michael van Gerwen 7–3 in the final to become the 2020 World Darts Champion. On 2 February Peter Wright beat Michael Smith 11–10 to win his first Masters title. In November, Wright won his 4th major by beating James Wade 11–4 in the final of the European Championship. Wright had a poor showing at the Grand Slam, failing to progress from the group stage after a 2–5 loss to Devon Petersen in his final match, later stating "When I lost to Devon I could have walked away from the sport quite easily." Wright had better luck the following week with a run to the semi-finals of the Players Championship Finals making him just the third player in history (after Michael van Gerwen and Phil Taylor) to exceed £1,000,000 on the PDC Order of Merit.