The 23-year-old Wales international, who also won the main award in 2011, has scored 19 Premier League goals this season - a tally bettered only by Manchester United striker Robin van Persie with 25 and controversial Liverpool forward Luis Suarez (23).
"It's a massive honour. 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," Bale said.
"When you look at the list, there are some massive names on it but I couldn't have done it without the team. They have been fantastic this year and so has the manager."
He took the main award - presented at a glittering ceremony - ahead of second-placed Suarez, last year's winner Van Persie and fellow nominees Manchester United's Michael Carrick and Chelsea pair Eden Hazard and Juan Mata.
Flying Bale's form has made him one of the most feared players in the Premier and Europa League and manager Andre Villas-Boas has said the Welshman's ability to take free kicks compares favourably with the likes of Real Madrid's Ronaldo.
Liverpool contender Suarez was given a 10-match ban on Wednesday for biting Chelsea defender Branislav Ivanovic when the sides met at Anfield last weekend and served an eight-game suspension last season for racially abusing Manchester United's Patrice Evra.
Media reports said Suarez's name was booed at the ceremony.
The Championship team of the year included two blasts from the past with Schmeichel and Ince named. However, they were Leicester City's Kasper Schmeichel, son of former Manchester United goalkeeper Peter and his old team-mate Paul Ince's son Tom (Blackpool).
