The British heavyweight world boxing champion, who also boasts a 30-0-1 career record, won the WBC and 'Ring' belts after knocking out American Deontay Wilder in February of last year and became the first British boxer to win the award since Lennox Lewis won it back in February 2002.
It marks the first time that Fury has won the award despite winning and unifying the heavyweight championship against Wladimir Klitschko in November 2015.
The Gypsy King also picked up the prestigious 'Ring' Magazine Fighter of the Year award in 2020 as his reputation continues to build in the boxing community.
The Manchester-born British fighter's year began with a seventh-round knockout victory over The Bronze Bomber in Las Vegas' main event - his first fight since defeating the previously unbeaten Otto Wallin by unanimous decision (116–112, 117–111 and 118-110) in September 2019.
This calendar year will most likely see Fury come up against one of his fiercest rivals in Wilder, with Fury's co-promoter Frank Warren of Queensbury Promotions confirming October is being lined up for Fury to defend his titles against the former WBC heavyweight champion with a view to facing Anthony Joshua in 2022.
Speaking about the postponed trilogy fight between Fury and Wilder, Warren said: "It's looking some time in October, which is a great shame it's been postponed, but it is what it is.
"Unfortunately, they in the camp and himself got tested positive for Covid. There's nothing we can do about it. It's the times we live in, so the fight is postponed. Pushed back.
"Very frustrating. Really frustrating for Tyson. By the time he gets into the ring, he will have been out for nearly 20 months. That's a long, long time."
Seven-time defending Formula 1 champion Lewis Hamilton was the only other British winner at Saturday's virtual awards ceremony, with the 36-year-old collecting the Best Driver of the Year award for winning his fourth title in a row ahead of Valteri Bottas and Max Verstappen.
Hamilton won his seventh drivers' title in 2020, equalling the record set by Michael Schumacher, in a season which was heavily affected by the coronavirus pandemic.News Now - Sport News