Luiten beat Miguel Angel Jimenez on the first hole of a sudden-death play-off at Kennemer Golf Club after the pair had finished tied on 12 under par.
A par on the 18th was enough to give Luiten his third European Tour title and second of the season after veteran Spaniard Jimenez three-putted from long range.
"I don't know what it means for Dutch golf yet but I think it's pretty big," Luiten said.
"Maarten Lafeber won it in 2003 and that was huge, and to have another Dutch winner now I think it will help the game here and hopefully we can create more Dutch winners for this tournament."
Luiten finished second to Ross Fisher at Kennemer in 2007 and the 27-year-old added: "It was my first year and a great week but it definitely gave me the taste for more and to win it now I can't believe it yet.
"Miguel was playing great, especially on the front nine when he started with four birdies in six holes and I was struggling a little bit.
"I made a few mistakes and although I saved par each time I thought to just hang in there until the back nine and hopefully I can make a move there and that happened."
Jimenez, 49, who was looking to extend his own record as the oldest winner in European Tour history, held a two-shot lead when he birdied the 13th and Luiten bogeyed, but the Dutchman birdied the 14th and got back on level terms on the next when Jimenez failed to get up and down from a greenside bunker.
Both players bogeyed the 17th and parred the last to finish tied on 12 under, Jimenez carding a 67 and Luiten a 68.
They returned to the 18th for the play-off and Jimenez needed a fairway wood for his second shot into a strong wind on the 400-yard par four, just finding the front edge of the green.
However, the 19-time European Tour winner charged his birdie attempt six feet past the hole and missed the return, leaving Luiten to hole from three feet for the win.
Three-time champion Simon Dyson held a share of the lead early in the final round after making three birdies in his first four holes but saw his chances of a fourth win come to an end with a double-bogey on the 15th.
He had to settle for a share of third place on nine under par alongside fellow Englishman Ross Fisher, Ireland's Damien McGrane and France's Gregory Havret.