Jorge Berendt and Henrik Nystrom, who held a share of the lead after the third round, tied for second at 14-under-par 262.
Jacobson earned his maiden title after several close finishes on the European Tour. He had finished second six times prior, including two playoff losses.
'It's a big relief to finally win a tournament. Next year I'll be going into my eighth season so it's nice to have a win after so many near misses,' said Jacobson. 'It's nice to have the first one done.'
The 28-year-old was one shot back to start the final round at Hong Kong Golf Club and made his presence known with four birdies on the front side to make the turn at 15-under.
Jacobson bogeyed the 11th but countered with a birdie at the par-5 12th. He began to pull away with a birdie at the 14th and secured the win with a 10-foot putt for par at the last.
'My ambition was to win two tournaments in Europe this year but the season ran out at the Volvo Masters so I came to Asia hoping to win here and last week in Taiwan. I got half of what I wished for,' said Jacobson.
Berendt, who won the Cannes Open in 2001, collected three birdies and one bogey for a round of 67.
'I did not get close enough to make a challenge,' said the 38-year-old from Argentina. 'I didn't have many good chances for birdies, most of them were two-putt range. I still feel fantastic, it's a good finish to the year and a good start to the new season.'
Stephen Dodd, who was part of a three-way tie for first to start the final round, carded a 1-under 68 to finish three shots back at 13-under-par 263. Dodd was joined by Soren Kjeldsen and Gary Orr in a tie for fourth.
Tony Johnstone finished alone in seventh at 12-under-par 264. Thomas Levet, Craig Kamps and Jyoti Randhawa were one shot further back at 11-under-par 265.
'I did not make the putts I had to make early on the back nine,' said Randhawa, who was the runner-up at last week's Asian Open. 'I missed a few easy ones including a two-footer for birdie at the 13th. Then I bogeyed the next and that finished my challenge.'
Nick Faldo was having a solid round with four birdies until a double-bogey at the 18th. Faldo posted a final-round 67 to finish in a group at 10-under-par 266.
'I played really well and only missed one green and one fairway,' said Faldo. 'I had a really bad swing at the last which put the ball in the water. Apart from that I hit a lot of good shots. They shaved the greens so they were quick and slippery. It was a really good week.'
Jose Maria Olazabal, who won this event last year, struggled with a 4-over 73 to finish in a tie for 56th at two-under-par 274.
This event was co-sanctioned by the European Tour and Davidoff (Asian PGA) Tour.
Full-field scores from the Hong Kong Open