The veteran tactician was rewarded for winning Euro 2012, finishing ahead of Real Madrid boss Jose Mourinho and former Barcelona man Pep Guardiola.
The 62-year-old just missed out on the prize in 2010 after guiding la Roja to World Cup glory, but this time emerged victorious after Spain hammered Italy 4-0 in the final of Euro 2012.
The eventual champion was held to a 1-1 draw by the Italians in the group stages, but went on to cruise to European glory without conceding in the remainder of the tournament as Republic of Ireland, Croatia, France and Portugal were eliminated on the way to the final.
Del Bosque now has two Champions Leagues, a World Cup and a European title in his trophy cabinet.
Real Madrid coach Jose Mourinho missed out after winning the award in 2010 and coming third last year.
The 49-year-old helped Madrid to its first Liga title since 2008 as the club collected 100 points from 38 games.
Pep Guardiola, meanwhile, had to settle for a top three spot as well after Barcelona captured the Copa del Rey.