Football fans voted for Manchester City's Toure, who first won in 2013, ahead of Yacine Brahimi, Pierre-Emerick Aubameyang, Black Star's Andre Ayew and Sadio Mane.
32-year-old Ivory Coast midfielder, Yaya Toure becomes only the third player, after Nigerians Nwankwo Kanu and Jay-Jay Okocha, to receive the honour twice.
"I am very proud. To receive this dedication from the fans is unbelievable," Toure told BBC Sport.
"Also I want to pay tribute to the other nominees. African football is growing up, becoming much better and we have fantastic young players coming through now.
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"We are all champions. We all want to win. For me to be the winner I am delighted and very happy. And as an African player, I want to lead all my younger brothers to be successful in the future.
"When I was a kid I was always dreaming of being an important player. I have sacrificed a lot and when I receive trophies like this I am always happy and always delighted.
"I will continue to try to win a trophy every year, I will fight to win a personal trophy."
Despite Dede's lost this would have been the second win for him as he and Algeria's Brahimi (who won in 2014) has were running for their second win. Ghana's Dede Andre Ayew won the coveted title of African Footballer of the Year in 2011.
Gabon's Aubameyang was on the shortlist for the third year running, while Senegalese Mane made it for the first time.
Toure has been nominated for the award seven times and his second win ensures his year ends with a trophy, just as it began when he led Ivory Coast to glory at the Africa Cup of Nations at the beginning of February.
h/t BBC.com