Kessler beat off competition from team-mates Nilla Fischer and Martina Muller, who finished second and third respectively, to become only the second winner of the award.
Compatriot Nadine Angerer won the first edition of the award last year ahead of Brazilian forward Marta.
The 26-year-old was ever-present in both the UEFA Women's Champions League and Frauen Bundesliga for Wolfsburg, as they successfully retained both titles.
Kessler, who also won UEFA Women's EURO 2013 with Germany a year ago, set up Müller's late winner in the 4-3 UEFA Women's Champions League final victory over Tyreso in May.
The midfielder paid tribute to her team-mates after receiving the award from UEFA president Michel Platini.
“It is a great feeling to win this award,” she said. “I want to thank the team and the 'team behind the team'.”
Earlier this week, Estonia manager Keith Boanas told Sky Sports Kessler would be a worthy winner of the coveted prize.
The men’s award was won by Portugal captain and Real Madrid forward Cristiano Ronaldo, who finished ahead of Bayern Munich pair Manuel Neuer and Arjen Robben.