Lloyd looked in real trouble when he lost the opening set and trailed 2-0 in the second, but won the next three legs to level the match.
Left-hander Young regained the upper hand by winning the third set, but Lloyd fought back again and took out a 124 finish to take the match into a deciding set.
Lloyd led 2-0 before being pegged back to 2-2 as a brilliant sequence of 180, 140 and a 77 finish from Young forced a tie-break, but it was Lloyd who held his nerve to win it 6-4.
Earlier in the evening, there were no such problems for Justin Pipe, who beat Andy Jenkins 3-0 after winning the first seven legs in succession, while Ronnie Baxter missed six darts for the match in the third set before eventually seeing off Dennis Priestley 3-1.
In the final game of the night at Alexandra Palace, Australia's Simon Whitlock beat qualifier Haruki Muramatsu 3-0.
Splendid return for Cian
EQUESTRIAN: Olympic individual bronze medallist Cian O'Connor made a victorious return to London when winning the Martin Collins Christmas Pudding Stakes, the feature class on the opening night of Olympia, the London International Horse Show.
O'Connor rode an economical jump-off clear with Splendor, a horse with which he was only reacquainted last week, having sold him two years ago. Splendor is a possible for Saturday's Rolex World Cup qualifier.
SWIMMING: Irish star Melanie Nocher has decided to retire from international swimming to concentrate on a career in media and fashion.
The European bronze medallist has announced her retirement from the sport after a career in which the 24-year-old competed at two Olympic Games and two Commonwealth Games. "I really loved the work I did with Setanta, it was a great experience and they have told me that they would love to have me back," said the Holywood, Co Down, native.
Rodriguez keeps word
CYCLING: World number one Joaquim Rodriguez has no regrets about signing a new deal with Katusha in the off-season despite the Russian team facing exclusion from the World Tour.
The sport's world governing body (UCI) has rejected Katusha's application to compete in the World Tour next year because of the team's doping record over the past four years. "I've given my word to the team and I'm going to stick with it," said the 33-year-old.
NBA: Toronto 97 Detroit 91, NY Knicks 100 Brooklyn 86, Orlando 90 Washington 83, Indiana 104 Utah 84, Boston 103 Cleveland 91, Atlanta 92 Oklahoma City 100, Houston 125 Philadelphia 103, Phoenix 121 Charlotte 104, Memphis 90 Milwaukee 80, Sacramento 131 Golden State 127, LA Clippers 93 New Orleans 77.