Ovechkin, 27, led the NHL in goals with 32, including 24 over the Capitols' final 23 games. He came out ahead of Pittsburgh's Sidney Crosby and John Tavares of the New York Islanders in a vote of the Professional Hockey Writers' Association.
Ovechkin totaled 1,090 points (awarded on a 10-7-5-3-1 basis for being listed first through fifth on ballots) while Crosby was second with 1,058. It was the closest vote since 2002.
Ovechkin, who also won the Hart Trophy in 2008 and '09, is the eighth player to win the award at least three times. Only two -- Wayne Gretzky with nine Hart Trophies and Gordie Howe with six -- have won it more than four times.
Crosby, however, won the Ted Lindsay Award, the honor for the league's most outstanding player determined in a vote of the NHL's players. Ovechkin and Tampa Bay's Martin St. Louis were the other finalists for that award. Crosby also won the honor in 2006.
Also Saturday, as the NHL ended two days of post-season honors announcements, Montreal's P.K. Subban won the James Norris Memorial Trophy as the outstanding defenseman; Florida's Jonathan Huberdeau took home the Calder Trophy as the top rookie; and Sergei Bobrovsky was voted the Vezina Trophy as the top goaltender.