The sides have played the tournament mainly slowly and cautiously, with Muzychuk turning to the offensive style of playing in several legs of the match. Hou did not give up a single game to her opponent, winning three rounds of the tournament and drawing six others.
The victory in the match has cemented Hou's position as world number one female chess player in the FIDE ranking.
The Chinese grandmaster will also get 120,000 euros (about $130,000) as a cash prize for winning the tournament, while Muzychuk will receive 80,000 euros.
Hou, who was dubbed the "Genius Girl" as she became a grandmaster at 14, is the youngest ever World Chess Champion in history.
She was the Women's World Chess Champion in 2010-2012 and in 2013-2015 and a winner of the FIDE Grand Prix.
Muzychuk, who holds the fourth position in FIDE ranking, has won her champion title during the 2015 Women's World Chess Championship hosted by Russia's Sochi from March 16 to April 6, last year.