The 31-year-old won with 198 votes at Melbourne's Crown Palladium on Monday night, ahead of joint runners-up Michael Hussey and two-time winner Shane Watson, who each polled 165 votes.
Predictably, Clarke also comfortably won the Test cricketer of the year award for the second straight time, after scoring 1080 runs at 77.14 in the nine Tests covered by the voting period, which stretched from February 25 last year to January 28 this year.
Hussey was also runner-up in that format, highlighting the void his recent retirement has left.
But given Clarke does not play Twenty20 internationals and the AB Medal covers all three formats, he was no certainty to take the top prize.
Watson was 87 votes clear of Clarke after comfortably winning the T20 award and also polling well for the one-day honour, which was won by Victorian paceman Clint McKay, with Clarke sixth.
But Clarke blitzed the field in the Test count and given each Test match vote was worth twice as much as those for one-dayers and three times that for T20s, it was enough to give him the main honour.
In other awards, rejuvenated top-order batsman Phil Hughes, who moved from NSW to South Australia in the off-season, was honoured for the performances which earned him an international recall, by being named the domestic player of the year.
Aggressive Queensland and Brisbane Heat 23-year-old batsman Joe Burns was convincingly voted the Bradman young cricketer of the year.
Another 23-year-old batter, Jess Cameron, won the Belinda Clark Award, as the nation's top female cricketer.
Glenn McGrath, whose 563 Test wickets are more than any other paceman in history, was inducted to the Australian Cricket Hall of Fame, along with Charlie Turner, who took 101 wickets in 17 Tests between 1887 and 1895.