The American heavyweight recorded the 44th victory of his long career when he stopped his Danish opponent in the 10th round of the contest.
Holyfield worked Nielsen into a corner before landing several combinations that forced the referee to step in and call a halt to proceedings.
The 48-year-old was full of praise for his brave foe afterwards before confirming his desire to carry on boxing at the very highest level.
"It was a tough fight, he kept coming back," he said afterwards. "He fought a very courageous fight.
"My goal still is to be the undisputed heavyweight champion of the world. This fight showed other champions what I am able to do, but it also taught me I got to be better.
"The most important thing is I didn't quit. I am not a quitter."
Nielsen was not impressed by the timing of the stoppage and suggested that the two experienced fighters should meet in a rematch. Holyfield, though, dismissed the idea of a second bout between the pair.
The 46-year-old, who was fighting for the first time since 2002, was left with a swollen eye after taking a barrage of blows in the fourth round.
However he threatened an almighty upset in the eighth, pushing a tiring Holyfield onto the back foot before landing a series of combinations.
However, 'The Real Deal' recovered from the brief onslaught to pick up a win that was much-needed after his no-contest against Sherman Williams back in January.
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