World number one Woods edged 41st-ranked Richard Sterne of South Africa 1 up to secure the trophy, boosting the Americans to 8-1-1 in the overall rivalry with their fifth win in a row.
Nine months after making bogeys on the last four holes to squander a British Open lead at Royal Lytham and two years after sharing second at the Masters, the 32-year-old from Adelaide won his first major title in impressive fashion.
Brandt Snedeker and Angel Cabrera are tied for the lead after the third round of the Masters, a day that will be remembered for Tiger Woods' penalty.
Fred Couples and Bernhard Langer briefly turned back the clock during round two of the Masters.
Fred Couples, trying to become the oldest champion in major golf history at age 52, fired a five-under par 67 on Friday to share the lead after the second round of the 76th Masters.
Defending champion Phil Mickelson, resuming his rain-disrupted first round, seized a share of the lead on Friday at the Houston Open with a seven-under par 65.
Angel Cabrera and Carl Pettersson were home and dry in the clubhouse on seven-under 65 on Thursday, heading the leaderboard as thunderstorms stopped play at the US PGA Tour Houston Open.
Bill Haas got another big payoff on Tuesday when he was picked for the US team at the Presidents Cup. US captain Fred Couples used his two picks on Tuesday on Tiger Woods and Haas, who won a sudden-death playoff to claim the Tour Championship for his first win of the year.
Kenny Perry and Angel Cabrera shared the lead in the Masters after a third round that all but scuppered Tiger Woods' hopes of a fifth green jacket.
Kenny Perry fired a bogey-free five-under 67 in swirling wind to match Chad Campbell for the lead late in round two of the Masters.