Australia’s batsman David Warner has become the fourth player to win back-to-back Allan Border Medals.
Only Ricky Ponting, Shane Watson and Michael Clarke have previously won consecutive medals in Australian cricket’s prestigious annual awards.
Thirty-year-old Warner recorded 269 votes over 248 for Smith and 197 for fast bowler Mitchell Starc.
Fellow players, the media and umpires vote for player of the year.
The Australian vice-captain also took the one-day international player award, while Starc was crowned Test player of the year despite missing half the period with injury.
Shane Watson lifted the Twenty20 medal for a record third time thanks to 298 runs at a strike-rate of 150.51 as well as nine wickets.
But he made up for lost time by smashing consecutive hundreds against Pakistan in Melbourne and Sydney this southern summer.
Starc is the first bowler to win Test player of the year since Brett Lee in 2008, with a total of 52 wickets.
Western Australian all-rounder Hilton Cartwright was named Bradman young cricketer of the year after making his Test debut against Pakistan.
Previous player of the year recipients include Glenn McGrath, Steve Waugh, Adam Gilchrist and Smith himself.