Ferrer also won on the hard courts at the City of Arts and Sciences in 2008 and 2010. He lost the final in 2005 when the tournament was played on clay.
It was the fifth-ranked Spaniard's sixth title of the season and 17th in his career.
"I am very happy to win in front of my fans and family," said Ferrer, who dedicated the title to doubles partner Juan Carlos Ferrero, the former No. 1 and Valencia native who retired after the event.
The top-seeded Ferrer took advantage of Dolgopolov's poor first serve to build a 3-1 lead in the first set. It was the first set the 21st-ranked Ukrainian had dropped in the entire tournament.
Dolgopolov won an early break en route to winning the second set.
Ferrer recovered from two break points down at 3-3 in the third set to hold after clipping the sideline with a passing shot. He made the decisive break to clinch the title when Dolgopolov hit the ball into the net.
"It was a hard match, he made it tough for me throughout," Ferrer said. "He pushed me to the limit and it was a question of focusing on each point."