He also picked up the Redpath Cup for first-class batting - after a domestic season in which he hit 927 runs at an average of 42 - as well as the T20 and ODI player of the year awards.
New Zealand Cricket chief executive David White congratulated Guptill and said he richly deserved the honour after a memorable year with the bat.
"The individual honour caps off a great year for Martin Guptill,'' White said.
"He has been a star performer in all formats and the awards are a reflection of his commitment to the team and consistency as a player.''
The other big winner was Doug Bracewell who was named the test player of the year, awarded the Winsor Cup for first class bowling and took out the fans' choice award for his heroics in New Zealand's test victory over Australia in Hobart.
Gareth Hopkins was honoured as the men's domestic player of the year, while Frances McKay took out the women's award and Amy Satterthwaite was named the best of the White Ferns.
2011/12 New Zealand Cricket Awards winners
Sir Richard Hadlee Medal
Winner: Martin Guptill
ANZ Twenty20 Player of the Year
Winner: Martin Guptill
ANZ One Day International Player of the Year
Winner: Martin Guptill
ANZ Test Player of the Year
Winner: Doug Bracewell
Redpath Cup (first class batting)
Nominees: Kane Williamson, Martin Guptill, Ross Taylor
Winner: Martin Guptill
Winsor Cup (first class bowling)
Nominees: Doug Bracewell, Mark Gillespie, Neil Wagner
Winner: Doug Bracewell
Domestic Player of the Year
Winner: Gareth Hopkins
Fans' Choice Award
Nominees: Kane Williamson, Doug Bracewell, Michael Mason, Mark Gillespie, Bevan Small, Martin Guptill
Winner: Doug Bracewell
Women's International Player of the Year
Winner: Amy Satterthwaite
Women's Domestic Player of the Year
Winner: Frances McKay
Gillette Young Player of the Year
Winner: Simon Hickey
Sir Jack Newman Award (junior cricket administrator)
Winner: Ross Parlane
The Bert Sutcliffe Medal (outstanding services to cricket)
Winner: Cran Bull