Wiggins, whose victory in the men's time trial at the London 2012 Games gave him a record-equalling seventh Olympic medal, beat 11 other contenders to the prestigious title.
He became the first Briton to win the Tour, following that triumph with gold at London 2012, his fourth Olympic title, during what was a memorable summer for the 32-year-old cyclist.
The runners-up award went to Olympic heptathlon champion Jessica Ennis.
Third place went to US Open tennis champion and Olympic men's singles gold medallist Andy Murray.
"I will say thank you to everyone who voted," Wiggins said after the receiving the trophy from the Duchess of Cambridge at a glittering televised ceremony in London.
"We have had all that jungle stuff and X-Factor the last few weeks, so for people to pick up the phone and vote in half an hour, thank you very much.
"What a year. To stand on this stage with the people next to me is incredible. I'd like to thank my team-mates. I wouldn't be on this stage without them.
“I'd like to thank Dave Brailsford, the coaches, British Cycling, Team Sky and all the Olympians."
Wiggins’s win marks the second successive year the trophy has been awarded to a cyclist after Mark Cavendish scooped 2011’s prize.
British cycling chief Dave Brailsford took the Coach of the Year trophy, showing the sport’s increasing appeal in Britain.
Lord Sebastian Coe won a lifetime achievement award that recognised his role in bringing the Games to London, being the driving force in its success and for the twice Olympic 1,500m champion’s career as a middle-distance runner.
Jamaican sprinter Usain Bolt was named Overseas Sports Personality after an extraordinary year in which he clinched triple Olympic gold and also defended his Beijing 100 and 200 metres titles at London.