He was the runaway winner in a poll of fellow players, and accepted his award at the Professional Rugby Players' Association gala dinner in central London.
"I am extremely humbled that they have given me this award," said Corry, who was nominated alongside club colleague Andy Goode, Worcester skipper Pat Sanderson and the Sale Sharks pair of Mark Cueto and Sebastien Chabal.
Corry, England captain against Six Nations opponents Italy and Scotland this term, has been suspended for the past three weeks, but he is set to return in Saturday's Zurich Premiership title showdown between Leicester and Wasps at Twickenham.
Other winners included Corry's Lions colleague Lawrence Dallaglio, for his outstanding contribution to rugby, and New Zealand superstar Jonah Lomu, following his courageous fight against illness.
Computacenter players' player of the year - Martin Corry
Mercedes-Benz young player of the year - Harry Ellis
Premier Rugby highlight of the season - Leeds' Powergen Cup final victory
Kingston Smith special merit award - Lawrence Dallaglio
Blyth Spirit award - Jonah Lomu
Daily Telegraph try of the year - Bruce Reihana (Northampton) v Bath
Hall of fame inductions - Gareth Edwards and Sean Fitzpatrick