United slipped to defeat in their opening Champions League group game in a match overshadowed by a double leg break to Reds full-back Luke Shaw.
Memphis had slotted the visitors ahead against his old side but Hector Moreno- whom should have been sent off for the terrible, lunging, reckless challenge that led to Shaw's injury, scored the leveller for PSV before Luciano Narsingh headed the winner.
On a luckless night for the Reds, we dominated for long periods and were made to rue missed chances (17 shots on target compared to six for the Dutch outfit).
United started well but were rocked after 15 minutes when Shaw burst into the box after riding two challenges, but as he bore down on goal he was scythed down by Moreno and from the Mexico defender's immediate reaction, it was clear that this was a serious injury.
After 10 minutes of treatment, the 20 year old England man was taken off on a stretcher but, once the game restarted, Memphis shone against his former side.
Played through by Daley Blind, he cut inside and fired past Jeroen Zoet four minutes before the break.
It did not take long for PSV to equalise though, when Moreno- somehow still on the field- headed home after the ball had clipped off Blind and wrong-footed De Gea.
Juan Mata should have put United back ahead and Chris Smalling went close with a header before Narshingh headed home Maxime Lestienne's cross on 57 minutes after Matteo Darmian was guilty of giving the ball away on halfway.
Despite the defeat, there were plenty of positives for Louis van Gaal's side, with encouraging displays from Depay and Anthony Martial who was handed his first United start off the back of his goal against Liverpool on debut.
Poor finishing let United down, but our biggest concern is for that of Shaw who will suffer a lengthy lay-off just when he was beginning to shine in a United shirt.
Reds manager LVG said:
"It's the same game as against Swansea.
"We are dominanting the game, we are creating chances and we are not finishing.
"The first chance they have, the corner kick, they scored and the second goal we were attacking and then we lose the ball in the first phase and they scored.
"It's fantastic for PSV but not so good for us but we have many more chances in this competition so we can recover."
United Faithful Man of the Match: Memphis
Overall team performance: 7/10