Savea was chosen ahead of Ireland centre Bundee Aki, South Africa lock Eben Etzebeth and France captain Antoine Dupont, who won the award two years ago.
Savea is the 11th All Black to win the award, which was first introduced in 2001. He had been a finalist in 2019.
His award comes after a stellar season in which he helped New Zealand to win the Rugby Championship and a place in the World Cup final, which they lost 12-11 to the Springboks on Saturday.
Ireland’s Andy Farrell was chosen as World Rugby Coach of the Year while All Blacks winger Mark Telea won the award for Breakthrough Player of the Year.