The 23-year-old forward joins Alan Shearer, Thierry Henry and Cristiano Ronaldo as the only men to lift the award twice after his success in 2010/11.
The 23-year-old Welshman 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 honor," 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, who has been absolutely explosive in front of goal thanks to a freer role under Andre Villas-Boas, has netted 22 times this season in all competitions for the London club.
The competition for this award was fierce with Bale having to overcome Liverpool’s Luis Suarez, Manchester United’s Robin van Persie and Michael Carrick and Chelsea’s Juan Mata and Eden Hazard to collect the peer-voted award.