The event was sponsored by sports betting company BetVictor, with the winner being awarded £70,000 from a total prize fund of £405,000.

Shaun Murphy was the defending champion, having won the 2020 event with a 9–1 victory over Kyren Wilson in the final.

Jordan Brown defeated Ronnie O'Sullivan 9–8 in the final to win the first ranking title of his career.

[1] The 2021 tournament took place at the Celtic Manor Resort in Newport between 15 and 21 February, the thirtieth edition of the event.

[5] The defending Welsh Open champion from 2020 was Shaun Murphy who won the final with a 9–1 victory over Kyren Wilson.

[8] The event was sponsored by sports betting company BetVictor, and broadcast locally by BBC Cymru Wales.

[14][12] Two-time winner Mark Williams defeated Michael White 4–1 in the first round, with an average shot time of only 15 seconds.

[13] Selby then defeated Jamie O'Neill, Joe O'Connor and Masters champion Yan Bingtao to reach the quarter-finals.

[16] Jordan Brown defeated Luo Honghao, Sam Craigie and Alexander Ursenbacher before beating Mark King 4–3 to reach his second ranking quarter-final of his career.

[17][12] Ali Carter defeated Daniel Wells and Aaron Hill before beating both John Higgins and Mark Allen to reach the quarter-finals.

[12] Ali Carter withdrew from the event shortly before his match against Ronnie O'Sullivan due to health concerns.

In losing the match, Murphy was unable to qualify for the Players Championship, finishing 17th in the one-year rankings.

[20][21] Playing in the second ranking quarter-final of his career, Jordan Brown met Mark Selby.

[23] Brown commented "Three years ago I was working in a petrol station and serving customers... To be in a ranking tournament final is just incredible".