Barrett was also named the Super Rugby player of the year at the Auckland awards ceremony, following on from last month's World Rugby player of the year gong.
Thursday night proved a successful one for the Barrett family, with Beauden's two awards followed by a pair of accolades to younger brother Jordie.
Jordie, 19, was named Age Grade player of the year for his work with the under-20s side in this year's championships in Manchester, as well as the Mitre 10 Cup player of the year.
Playing at second-five, Jordie helped guide Canterbury to their eighth provincial crown in the past nine seasons and earned an apprenticeship for the All Blacks' northern tour.
With a record of 13 Test wins from 14, the All Blacks also earned their sixth consecutive team of the year award, while coach Steve Hansen was named coach of the year.
The world champions, having lost a host of legendary players at the end of 2015, surprised many with their southern hemisphere dominance and exciting running style.
"There is something very special in recognising our best people on the field alongside the people who give their very best off it," NZ Rugby chairman Brent Impey said.
Elsewhere, young gun Rieko Ioane was named All Blacks Sevens player of the year, while Sarah Goss won Black Ferns Sevens player of the year as her side earned silver in Rio.
Black Ferns utility back Selica Winiata won women's player of the year, while Hurricanes captain Dane Coles earned the Maori player of the year award.
Glen Jackson was named referee of the year for the fourth consecutive year.
NZ RUGBY PLAYERS OF THE YEAR:
* Age Grade - Jordie Barrett (New Zealand under-20s)
* Heartland Championship - Te Rangatiwa Waitokia (Wanganui)
* Mitre 10 Cup - Jordie Barrett (Canterbury)
* All Blacks Sevens - Rieko Ioane
* Black Ferns Sevens - Sarah Goss
* Super Rugby - Beauden Barrett (Hurricanes)
* Maori - Dane Coles (Hurricanes/All Blacks)
* Women - Selica Winiata (Manawatu/Black Ferns)
* Men - Beauden Barrett (Hurricanes/All Blacks)
* Coach - Steve Hansen (All Blacks)
* Referee - Glen Jackson
* Team - All Blacks
