Schilling, the winner in Saturday's World Series opener, was honored before Sunday's Game 2. He was presented the trophy at home plate by Commissioner Bud Selig.
The award, which is selected by a panel of baseball dignitaries, is given to the player who best combines outstanding baseball skills with devoted work in the community.
One of baseball's most outspoken players, Schilling has been an avid supporter in the fight against ALS (Lou Gehrig's Disease) and has tied his on-the-field contributions to numerous charitable organizations.
"I'm delighted to present this award to Curt Schilling for the outstanding contributions he has made to his team and the game," Selig said. "He is an excellent choice for this award."
While with the Philadelphia Phillies, Schilling raised $1.5 million for ALS research. Since joining Arizona in 2000, he has continued to raise money, splitting proceeds evenly between the local ALS chapter and the United Way.
Schilling has been one of the more vocal player activists and has been named his team's Roberto Clemente Award nominee on two other occasions.
"This actually means more to me and my family than anything else I will do as a ballplayer," Schilling said. "Nothing will ever top today and the meaning of this award."
The Clemente Award in named for Roberto Clemente, a Hall of Fame player who died in a plane crash in 1972 while bringing goods to Nicaragua.
"On behalf of the Clemente family, congratulations to Curt Schilling for being selected to receive the 2001 Roberto Clemente Award," said Vera Clemente, Roberto's wife. "Curt has excelled both on and off the field this season."
On the field, Schilling is a leading candidate for the National League Cy Young Award, going 22-6 with a 2.98 ERA. He has been even better in the postseason, going 4-0 with a 0.79 ERA in four outings.