A star-studded field of 96 players from around the world has descended on the UK's capital ahead of Sunday's opening night, all competing for a slice of a huge prize pot worth £2.5 million.
Semi-finalists claim £100,000 each, with the runner-up taking home £200,000 and the winner earning a mega £500,000.
And on top of all that, any player that hits a nine-dart finish will pocket a £60,000 bonus.
Let's take a look at five favourites who many fans and pundits fancy to go all the way:
Luke Humphries
The defending champion is not one to be overlooked on his return to Ally Pally, with the world number one building on his stunning trophy haul from 2023 with more silverware this year.
While there was disappointment with defeats in the finals of the World Grand Prix, the Premier League, and the UK Open, plus a tough outing at the Grand Slam of Darts, Cool Hand Luke still came out on top against Michael van Gerwen at the World Matchplay and Luke Littler at the Players Championship this year.
Despite not picking up as many shiny ornaments as he'd have hoped, it remains promising that Humphries has still been bulldozing his way to finals throughout the year, only really losing to world-class opponents.
He also came out on top at the New Zealand Darts Masters and was triumphant in the World Cup of Darts alongside English teammate Michael Smith.
Mentally, he seems to be in a very good place, and he's one of the players on the scene to have benefitted from the rub of the green in the sport's recent growth. He will become the first player in PDC history to reach £2 million in earnings on the two-year Order of Merit system if he clinches another World Championship crown in January.
Seemingly unflappable under immense pressure, Humphries has shown a distinct ability to turn around even the most difficult of circumstances, and no one will fancy facing him at the oche in the coming weeks.
Luke Littler
The new big name in the sport and the most obvious reason for the darts' sudden mainstream resurgence, teenager Luke Littler stole the show and the hearts of millions this time last year when he stunned the world with his fairytale run to the final as a relatively unknown and unseeded debutant.
Plenty on the circuit knew of the tornado that was coming their way, but few would've expected the names Littler would send tumbling out with bewildering ease: a stellar list that included the likes of former world champions Raymond van Barneveld and Rob Cross.
But Littler's no flash in the pan and has gone on to enjoy a superb first year as a fully-fledged PDC professional, including event wins at the Bahrain Darts Masters, Poland Darts Masters, Austrian Darts Open and Belgian Darts Open.
Yet those were nothing compared to his stunning victory at the prestigious Premier League at London's O2 Arena in May, and he capped off his fine preparation for the 2024/25 World Championship by picking up his first televised major ranking trophy at the Grand Slam of Darts last month.
This year, Littler also smashed the record for total 180s (set by Michael Smith in 2022), landing 771 since the last World Championship concluded, and including 96 in finals (nearly twice as many as Humphries) and 235 in the opening visit of a leg.
It's not a bad start to life in the public eye for the 17-year-old - currently ranked fourth in the world - and The Nuke is unsurprisingly the bookies' favourite to become world champion off the back of some fine form and ruthless finishing in the last few months.
Michael van Gerwen
After a period of relative decline, Michael van Gerwen has suddenly found himself going slightly under the radar heading to Ally Pally - and the three-time world champion is not one to be underestimated.
His 2024 has been marked by some inconsistent performances and a series of early exits from several major competitions.
Still, with his unparalleled ability to average over 100 points per leg, MVG remains a threat to any opponent and is a strong contender to reclaim the world title.
Indeed, Van Gerwen seemed well on his way last year, failing to drop a single leg until his surprise defeat to Scott Williams in the quarter-finals.
He made an equally terrifying start to the Premier League, storming into an early overall lead after the first three nights before his form suddenly evaded him again.
It's been a barren run for the Dutchman in 2024, the first year since 2021 (and second since 2011) that he's failed to win any silverware.
But Van Gerwen will be the most successful player in this year's field of participants, having lifted a hat-trick of World Championship titles in 2013/14, 2016/17 and 2018/19.
Undoubtedly, the fearsome and fiery world number three is itching to set the record straight in London as the camera's gaze unusually turns towards other names.
Michael Smith
Michael Smith's 2022/23 World Championship triumph was a historic moment for darts.
His victory over Michael van Gerwen secured Bully Boy's maiden title - vanquishing labels of being the sport's self-proclaimed "ultimate bottle job" - and the win included his already legendary nine-dart finish, hailed as "the greatest leg in history."
While Smith hasn't claimed another televised ranking title since that triumph, he's quietly gone about his business throughout the year.
He led England to World Cup of Darts glory alongside Luke Humphries, reached the World Series of Darts final, and advanced to the Premier League and World Matchplay semi-finals.
As Smith returns to the Alexandra Palace stage, he's determined to recapture the magic and reignite his title-winning form, and on his day, he can beat absolutely anybody.
Having some of last year's pressure taken off could be a blessing in disguise this time around.
Gary Anderson
Gary Anderson is a force to be reckoned with at Alexandra Palace. The Flying Scotsman is part of an elite group of players who have won back-to-back World Championships, alongside darts legends Phil Taylor and Adrian Lewis.
With 51 wins at Ally Pally, Anderson trails only Van Gerwen in the all-time list, and while Taylor and MVG are often hailed as the greatest darts players of all time, Anderson's impressive ton-plus average record at the World Championship closely follows their lead and solidifies his position among the sport's best.
Anderson's recent form has also seen a marked improvement.
He's clinched three PDC ranking titles in 2024, including a memorable European Darts Grand Prix victory ten years after his first European Tour title. He's also put in consistent performances in Players Championship events, which have further cemented his status as a threat for the World Championship.
With a seasonal average of 99.66, world-ranked number 14 Anderson leads all Tour Card Holder Qualifiers, outperforming the likes of Luke Littler and Luke Humphries.
While his major event performances haven't been as eye-catching as years gone by, his recent deep run at the Grand Slam of Darts, where he narrowly lost to Littler in a thrilling semi-final, proves he's still a major threat.
He even recently broke his personal best average of 123.83 back in July.
Anderson could well be the perfect spoiler for the sport's younger guns.