Humphries fired in four ton-plus finishes against MVG, and never let up throughout to book his place in the final.
Wade opened up a 5-0 lead against the current world champion Price and never looked back, closing out on a 11-6 win as he looks ahead to his third UK Open final.
Magnificent Humphries beats MVG to reach final
Heading into the semi-final, Humphries saw off Dave Chisnall in the last round, and fired in three ton-plus finishes of 112, 132 on the bull and 108, which also included two breaks of throws.
Van Gerwen replied with a break of his own after Humphries missed a chance to go 5-0 up. 'Cool Hand Luke' opened up a five-leg lead before MVG pinned a 132 finish on the bull to make it 7-3 at the second interval.
Humphries, a former World Youth Champion, went within one leg of the victory with a 128 finish, slamming the door on MVG, who was waiting to clean up 68.
It took just one more leg after the break for Humphries to secure the biggest win of his young career and reach his first PDC televised final, where he will play Wade.
Machine aiming for third UK Open title
Wade, who produced a vintage performance to beat Simon Whitlock earlier in the day, rolled off the first five legs at a canter, including two breaks of throw in the second and fourth leg.
'The Machine' went on to open up a 7-1 advantage - averaging over 100 - before Price struck back-to-back legs to give a glimmer of hope going into the second interval.
A 162-set-up shot left Wade with just 20 to clean up to go within two legs of the victory, and a ton checkout in the next leg put one foot in the final.
World number one Price, who had beaten Devon Petersen in the quarter finals earlier, was left with too much to do as Wade closed out on an 11-6 victory – sealing his place in his first UK Open final since 2011.
2021 UK Open - Final
James Wade vs Luke Humphries