The 23-year-old forward joins Alan Shearer, Thierry Henry and Cristiano Ronaldo as the only men to lift the award twice in his career after his success in 2010/11
The 23-year-old, who was also named the PFA Young Player of the Year on Sunday evening, adds this award to the one he received in 2010/11 and becomes just the fourth player to win the gong twice, joining Alan Shearer, Thierry Henry and Cristiano Ronaldo as two-time winners.
"It's a massive honour," Bale said. "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. When you look at the list there are some massive names on it and the other nominees have been unbelievable this year, but I couldn't have done it without the team.
"They have been fantastic this year and so has the manager [Andre Villas-Boas].
"I couldn't have won it without them so I would like to give them all a big thank you as well."
Bale has scored 19 goals in 29 Premier League appearances this season and has been instrumental in Tottenham's push a Champions League place.
The Wales international also beat off competition from Liverpool’s Luis Suarez, Manchester United’s Robin van Persie and Michael Carrick and Chelsea’s Juan Mata and Eden Hazard to collect the award.