Peter Wright is the defending champion following his 7-5 victory over Michael Smith 12 months ago.
However, with the Scotsman facing stiff competition from around the draw, keeping hold of his darting crown seems a daunting task.
Here, Planet Sport takes a look at everything you need to know ahead of the Alexandra Palace classic.
Draw and match schedule
Thursday December 15 (1900 GMT)
R1 - Mickey Mansell v Ben Robb
R1 - Keane Barry v Grant Sampson
R1 - Jermaine Wattimena v Nathan Rafferty
R2 - Peter Wright v Mansell/Robb
Friday December 16
Afternoon Session (1230 GMT)
R1 - Alan Soutar v Mal Cuming
R1 - Boris Krcmar v Toru Suzuki
R1 - Adrian Lewis v Daniel Larsson
R2 - Kim Huybrechts v Barry/Sampson
Evening Session (1900 GMT)
R1 - Rowby-John Rodriguez v Lourence Ilagan
R1 - William O'Connor v Beau Greaves
R1 - Keegan Brown v Florian Hempel
R2 - Michael Smith v Wattimena/Rafferty
Saturday December 17
Afternoon Session (1100 GMT)
R1 - Martin Lukeman v Nobuhiro Yamamoto
R1 - Simon Whitlock v Christian Perez
R1 - Adam Gawlas v Richie Burnett
R2 - Daryl Gurney v Soutar/Cuming
Evening Session (2000 GMT)
R1 - Ryan Meikle v Lisa Ashton
R1 - Cameron Menzies v Diogo Portela
R1 - Josh Rock v Jose Justicia
R2 - Dimitri Van den Bergh v Rodriguez/Ilagan
Sunday December 18
Afternoon Session (1100 GMT)
R1 - Madars Razma v Prakash Jiwa
R1 - Karel Sedlacek v Raymond Smith
R1 - Luke Woodhouse v Vladyslav Omelchenko
R2 - Damon Heta v Lewis/Larsson
Evening Session (2000 GMT)
R1 - Mike De Decker v Jeff Smith
R1 - Scott Williams v Ryan Joyce
R1 - Matt Campbell v Danny Baggish
R2 - Nathan Aspinall v Krcmar/Suzuki
Monday December 19
Afternoon Session (1230 GMT)
R1 - Andrew Gilding v Robert Owen
R1 - Danny Jansen v Paolo Nebrida
R1 - Niels Zonneveld v Lewy Williams
R2 - Jose de Sousa v Whitlock/Perez
Evening Session (1900 GMT)
R1 - Geert Nentjes v Leonard Gates
R1 - Ritchie Edhouse v David Cameron
R1 - Steve Beaton v Danny van Trijp
R2 - Gerwyn Price v Woodhouse/Omelchenko
Tuesday December 20 (1900 GMT)
R1 - Jim Williams v Sebastian Bialecki
R1 - Jamie Hughes v Jimmy Hendriks
R1 - Ricky Evans v Fallon Sherrock
R2 - Raymond van Barneveld v Meikle/Ashton
Wednesday December 21
Afternoon Session (1230 GMT)
R1 - John O'Shea v Darius Labanauskas
R1 - Martijn Kleermaker v Xicheng Han
R2 - Callan Rydz v Rock/Justicia
R2 - Dave Chisnall v Gilding/Owen
Evening Session (1900 GMT)
R2 - Mervyn King v Campbell/Baggish
R2 - Gabriel Clemens v O'Connor/Greaves
R2 - Michael van Gerwen v Zonneveld/L Williams
R2 - Stephen Bunting v Nentjes/Gates
Thursday December 22
Afternoon Session (1230 GMT)
R2 - Krzysztof Ratajski v Jansen/Nebrida
R2 - Ryan Searle v Gawlas/Burnett
R2 - Mensur Suljovic v De Decker/J Smith
R2 - Dirk van Duijvenbode v Sedlacek/R Smith
Evening Session (1900 GMT)
R2 - Gary Anderson v Razma/Jiwa
R2 - James Wade v J Williams/Bialecki
R2 - Luke Humphries v Brown/Hempel
R2 - Vincent van der Voort v Menzies/Portela
Friday December 23
Afternoon Session (1230 GMT)
R2 - Brendan Dolan v Hughes/Hendriks
R2 - Chris Dobey v Kleermaker/Han
R2 - Ross Smith v O'Shea/Labanauskas
R2 - Rob Cross v S Williams/Joyce
Evening Session (1900 GMT)
R2 - Martin Schindler v Lukeman/Yamamoto
R2 - Danny Noppert v Edhouse/Cameron
R2 - Jonny Clayton v Beaton/Van Trijp
R2 - Joe Cullen v Evans/Sherrock
Prize Money
Winner - £500,000
Runner-Up - £200,000
Semi-Finalists - £100,000
Quarter-Finalists - £50,000
Fourth Round Losers - £35,000
Third Round Losers - £25,000
Second Round Losers - £15,000
First Round Losers - £7,500
Total - £2,500,000
Favourites
Three-time world champion Michael van Gerwen is the runaway favourite to pick up the 2023 crown.
The Dutchman won five televised tournaments this year, including the recent Players Championship Finals.
Van Gerwen loves the Ally Pally stage and still holds the record for the highest ever average. Mighty Mike posted figures of 114.05 in his semi-final win over Raymond van Barneveld back in 2016/17.
Gerwyn Price and Michael Smith are the next two men fancied by the bookmakers.
Price is a former world champion and arrived in London having claimed two televised tournament wins this year.
Smith, on the other hand, won the recent Grand Slam of Darts event. That one achievement ended a run of eight-straight major final defeats for Bully Boy.
Two of those defeats for Smith have come in world championship finals. The Englishman was first beaten by Van Gerwen in 2019 before losing to Wright twelve months ago.
Speaking of the defending champion, Wright is backed as the fourth favourite, followed by Luke Humphries, Josh Rock and Jonny Clayton.
Previous Winners
1994 Dennis Priestley def Phil Taylor 6-1
1995 Phil Taylor def Rod Harrington 6-2
1996 Phil Taylor def Dennis Priestley 6-4
1997 Phil Taylor def Dennis Priestley 6-3
1998 Phil Taylor def Dennis Priestley 6-0
1999 Phil Taylor def Peter Manley 6-2
2000 Phil Taylor def Dennis Priestley 7-3
2001 Phil Taylor def John Part 7-0
2002 Phil Taylor def Peter Manley 7-0
2003 John Part def Phil Taylor 7-6
2004 Phil Taylor def Kevin Painter 7-6
2005 Phil Taylor def Mark Dudbridge 7-4
2006 Phil Taylor def Peter Manley 7-0
2007 Raymond van Barneveld def Phil Taylor 7-6
2008 John Part def Kirk Shepherd 7-2
2009 Phil Taylor def Raymond van Barneveld 7-1
2010 Phil Taylor def Simon Whitlock 7-3
2011 Adrian Lewis def Gary Anderson 7-5
2012 Adrian Lewis def Andy Hamilton 7-3
2013 Phil Taylor def Michael van Gerwen 7-4
2014 Michael van Gerwen def Peter Wright 7-4
2015 Gary Anderson def Phil Taylor 7-6
2016 Gary Anderson def Adrian Lewis 7-5
2017 Michael van Gerwen def Gary Anderson 7-3
2018 Rob Cross def Phil Taylor 7-2
2019 Michael van Gerwen def Michael Smith 7-3
2020 Peter Wright def Michael van Gerwen 7-3
2021 Gerwyn Price def Gary Anderson 7-3
2022 Peter Wright def Michael Smith 7-5
Where to watch
Fans in the UK, Ireland and New Zealand will be able to follow the action on Sky Sports.
Viewers in USA and Canada can stream the tournament on DAZN, while Australia will show the event on Fox Sports.
READ MORE: PDC World Darts Championship: Five players to keep an eye on at Alexandra Palace