Smith was awarded the Garfield Sobers Trophy as well as the ICC's Test Cricketer of the Year gong on Wednesday, ahead of Australia's Boxing Day showdown against West Indies in Melbourne.
The 26-year-old's recognition - becoming the third consecutive Australian to win the award following Mitchell Johnson and Michael Clarke - comes after he tallied 1,734 runs and seven centuries in 13 Tests with a top-score of 215 at an average of 82.57 between September 18 2014 and September 13 this year.
Smith added 1,249 runs in 26 one-day internationals as Australia clinched the Cricket World Cup in March.
"You don't think about these awards and these accolades," Smith told cricket.com.au.
"You just want to go out there and do the best you can for your team to try and win as many games as possible.
"To be recognised as the best player this year against some unbelievable talent around the world, it's very humbling and it's an honour."
Countryman and pace bowler Josh Hazlewood was also named Emerging Cricketer of the Year.
Meanwhile, the ODI Cricketer of the Year went to South Africa captain AB de Villiers.
The fastest ODI century off 31 deliveries and 1,265 runs in 20 innings saw De Villiers receive the award for a second time, having reigned supreme in 2010.
"It's certainly been a memorable year with many highlights but a lot of disappointments as well," he said.
"If I was to look back, the century I scored against the West Indies at the Wanderers will probably go down as the most memorable knock of the year.
"In saying that, centuries count for nothing if the team isn't winning, so hopefully in the future I can contribute to many more Proteas wins."
Other players to be recognised were Faf de Plessis (T20I International Performance of the Year), Brendon McCullum (Spirit of Cricket Award), Khurram Khan (Associate and Affiliate Cricketer of the Year), Meg Lanning (Women's ODI Cricketer of the Year) and Stafanie Taylor (Women's T20I Cricketer of the Year), while Richard Kettleborough was named Umpire of the Year.