The 23-year-old, who has scored 29 goals for club and country this term, also won the Young Player of the Year award, making him the first player since Cristiano Ronaldo to do the double at the prestigious awards night at the Grosvenor Hotel in central London.
"It's a massive honour," the Welshman said. "To be voted by your peers is one of the biggest things in the game. It's great to win it and I am delighted."
Ronaldo scooped both the young player and the main award in 2007, some 30 years after Andy Gray become the first professional to do so.
Bale won the senior award two seasons ago when he shot to fame with a series of scintillating displays domestically and in the Champions League.