The 1992 Embassy World Darts Championship was held from 3–11 January 1992 at the Lakeside Country Club, Frimley Green, Surrey.

With Eric Bristow and defending champion Dennis Priestley both going out in round two, the way was paved for the top two seeds, Phil Taylor and Mike Gregory, to make it to the final – notably, the first final since the inauguration of the World Championship in 1978 that featured neither Bristow nor John Lowe.

It also made Gregory the first player to miss darts at double to win a world championship and eventually lose; none would match this until Mark McGeeney in 2018.

Taylor took full advantage and sent the match to a sudden-death leg, which he won to take his second World title.

Taylor's match-winning average of 97.58 remained a record for a BDO world championship final until the tournament's demise in 2020.