After a large storm left the course in Orlando, Fla., unplayable Sunday, Woods played his final 16 holes of the tournament Monday in 1-under, finishing with a 72-hole total of 13-under-par 275.
It was his eighth victory at Bay Hill Club and Lodge, tying Sam Snead's record of most wins at an individual event. Snead won the Greater Greensboro Open eight times from 1938 through 1965. Woods previously won the Palmer tournament in 2000-03, 2008-09 and 2012.
Woods passes Rory McIlroy for the world No. 1 ranking, a position he last held in October 2010. Lee Westwood became No. 1 then, ending Woods' record string of 281 consecutive weeks at No. 1. Woods also owns the record for total weeks atop the rankings at 624, counting his return to the top this week. McIlroy had been No. 1 the past 32 weeks.
Woods' latest championship, his sixth in his last 20 PGA events, gives him 77 tour titles, second all-time to Snead, who won 82 tournaments.
Woods had a birdie at Bay Hill's second hole Sunday that gave him a three-stroke lead just before play was stopped. He posted four birdies against three bogeys Monday for a final round of 2-under 70.