Dominic Calvert-Lewin scored the only goal of the game before Freddie Woodman denied Adalberto Peñaranda from the penalty spot with less than 20 minutes remaining to preserve the narrow advantage.
The moment of drama added to a match which was full of incident, with both sides hitting the woodwork before England closed out an historic win to lift their first global title since the 1966 World Cup.
Gareth Southgate says the England Under-20 team have set the standard for the national set-up after their World Cup triumph.
"It's been wonderful to be here in Korea, everybody has been so friendly so to top it off with a win, it's been unbelievable and I couldn't have asked for anything more".
The Reds' new signing Dominic Solanke hit it off well with fellow youngster Sheyi Ojo, while Everton's Calvert-Lewis and Ademola Lookman provided England with the impetus to go on and win.
The richest league in the world, the Premier League is also the most cosmopolitan, with wealthy clubs able to attract talent from anywhere - a situation that often makes it hard for young English prospects to earn playing time.
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The key to Paul Simpson's side now progressing will surely be regular exposure to Premier League football, and it will be interesting to see how many members of the squad gain additional playing time in the 2017-18 season.
His powerful first-time shot was pushed out by goalkeeper Wuilker Farinez but the Everton forward pounced to drive in the loose ball.
Venezuela, which has never qualified for the senior World Cup, had the first chance when Ronaldo Lucena's free kick hit the post.
"They played with their heart and dignity", Venezuela coach Rafael Dudamel said.
Venezuela by now were pouring forward and their pressure appeared to have paid off when Penaranda was brought down by Jake Clarke-Salter and the referee Bjorn Kuipers pointed to the spot, with his decision confirmed by video review.
On Mbappe, Southgate added: "Of all the countries we've played at youth level, France have been the most impressive in terms of the depth of talent". Woodman managed to palm Penaranda's penalty away while diving in the opposite direction to ensure England lifted the cup.
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