The 24-year-old enjoyed another outstanding season at club and international level, and recently completed his world-record move to Real Madrid from Tottenham.
Bale, who earlier this year won the Professional Fooballers' Association and Football Writers' Association Player of he Year awards, scored 26 goals in all competitions for Tottenham and has been a rare beacon of light for Wales during a disappointing World Cup campaign.
The award, announced as part of a ceremony at the National Museum of Wales in Cardiff, moves him level with fellow three-time winners John Hartson and Mark Hughes.
Bale, who will miss the World Cup qualifiers with Macedonia and Belgium through injury, also received the Fans' Player of the Year award, and Wales boss Chris Coleman had nothing but praise for his star man.
He said: "Gareth's definitely one of the best players I've seen. I've had the fortune of being up close and personal with him in training and he's a player that can take your breath away.
"In two or three seconds, he will do something that nobody else can do. He's a special player.
"He's serious about Wales, he's a Cardiff boy and patriotic and what he does for Welsh football is raise the interest in football for our country. He's brought that for us.
"He's a great player - and I still think he's getting better because of his age. He'll only get better working under a manager like Carlo Ancelotti and playing for Real Madrid with players like Cristiano Ronaldo."
Swansea left-back Ben Davies scooped the Young Player of the Year prize after showing remarkable maturity and consistency after being thrust into action for club and country by Neil Taylor's broken ankle.
His club captain Ashley Williams is the Club Player of the Year for the fourth time after helping the Swans to Capital One Cup glory and a top-half finish in the Barclays Premier League.
Jessica Fishlock, who plays her club fooball for the Seattle Reign in the United States, scooped the Women's Player of the Year gong.