The 32-year-old former Middlesbrough forward had a record-breaking season for Jeonbuk, scoring 16 goals and providing 15 assists as the team lifted the K-League title.
Lee Dong-gook said after winning the accolade, "It is a great honour to receive the award again. This season I only concentrated on winning trophies for the team.
"I want to thank all the staff who worked very hard for our club, and would like to express my love towards my family. I promise I will show my best next season."
Lee's coach Choi Kang-Hee won the Manager of the Year award, while Jeonbuk secured the Team of the Year honour.
Choi said: "I want to thank all the players who helped me to achieve this award. I also want to thank the club, who has been very supportive.
"And most of all I won't forget all the fans who helped us being successful. Next year is the 30th anniversary for many K-League teams. I would like to repeat our success next year."
Jeonbuk swept the honours at the K-League awards evening, with five players from the club named in the Best XI for the 2011 season.
Gwangju FC midfielder Lee Seung-Ki, 23, took home the Young Player of the Year honour, while FC Seoul's Montenegro international striker Dejan Damjanovic won the Golden Boot.
MVP: Lee Dong-Gook (Jeonbuk Motors)
Golden Boot: Dejan Damjanovic (FC Seoul)
Rookie of the Year: Lee Seung-Ki (Gwangju FC)
Manager of the Year: Choi Kang-Hee (Jeonbuk Motors)
Team of the Year: Jeonbuk Motors
GK - Kim Young-Kwang (Ulsan Hyundai)
DF - Park Won-Jae (Jeonbuk Motors), Cho Sung-Hwan (Jeonbuk Motors), Kwak Tae-Hwi (Ulsan Hyundai), Choi Chul-Soon (Jeonbuk Motors)
MF- Yeom Ki-Hun (Suwon Bluewings), Ha Dae-Seong (FC Seoul), Yoon Bit-Garam (Gyeongnam FC), Eninho (Jeonbuk Motors)
FW- Dejan Damjanovic (FC Seoul), Lee Dong-Gook (Jeonbuk Motors)
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