It is Woods’ third time on the podium at the World Championships having previously won silver in 2013 and bronze in 2017.
His best run Wednesday was good enough to score 86.68 and hold off Norway's Birk Ruud by a just 1.28 points with a score of 85.40. American Nick Goepper finished with the bronze with 85.18.
Woods just missed a podium spot at the PyeongChang Winter Olympic Games when he finished fourth.
He said: "It was a bit of a wild day. We're hanging off the side of a mountain here - judging the weather conditions, assessing the wind, knowing what the snow is doing.
"Today was a pretty close call whether it was going to be fair. I only care whether conditions are fair and everybody's safe.
"I lucked out a little bit, but you've got to take it haven't you?"
Woods’ long-time coach Pat Sharples paid tribute to event organisers for managing to complete the ski slopestyle event in the face of weather which has hampered the overall World Championships programme.
“The last couple of days have been incredibly tough,” said Sharples. “The conditions have been really difficult due to heavy snowfall and high winds, but all the athletes, support staff, coaches and event staff have done their best to make the event happen.”