The 37-year-old became the first man to score 200 in a one-day international, in February against South Africa, and has extended his record of Test runs and centuries to 13,973 and 48.
He headed off teammate Virender Sehwag, South Africa batsman Hashim Amla and England spinner Graeme Swann to claim the Sir Garfield Sobers Trophy -- his first International Cricket Council award of any type -- along with the People's Choice prize.
"I'm really excited to have won two awards, and this last season for the entire team has been really special," he said at the ceremony in the Indian city of Bangalore on Wednesday.
"To win both of these awards tonight is special, and it's the game's way of appreciating someone's performance. It feels great to have two trophies in front of me and I am feeling very proud and happy."
In the period the award covers, Tendulkar scored 1,064 runs at an average of 81.84 in 10 Tests and 914 runs in 17 ODIs at 65.28.
He has risen to third in the Test rankings, his highest position since 2002, following scores of 98 and 38 in Tuesday's one-wicket win over Australia in the opening match in Mohali.
Tendulkar is the first Indian to win the award since Rahul Dravid in 2004, while opening batsman Sehwag was named Test player of the year.
India's ranking as No. 1 Test side in the world was reflected by the presence of Sehwag, Tendulkar and captain Mahendra Singh Dhoni in the ICC team of the year, which also features Amla, Swann, South Africa's Jacques Kallis and Dale Steyn, Australia's Simon Katich and Doug Bollinger, England's James Anderson and Sri Lanka's Kumar Sangakkara.
Tendulkar was also named in the one-day team of the year, which includes ODI award winner AB de Villiers of South Africa, Dhoni and five Australians: captain Ricky Ponting, Bollinger, Ryan Harris, Mike Hussey and Shane Watson. English all-rounders Paul Collingwood and Stuart Broad were also selected along with New Zealand captain Daniel Vettori.
Brendon McCullum won the Twenty20 performance of the year for his 116 not out off 56 balls against Australia in February, while his New Zealand team took the Spirit of Cricket award for the second year in a row.
Young England fast bowler Steve Finn won the emerging player award, with the tall 21-year-old having taken 21 wickets in six Tests in the qualifying period.
Shelley Nitschke became the second Australian to win the women's cricketer of the year award, following Karen Rolton in 2006, while Aleem Dar of the Emirates retained his umpire of the year prize.