Guerrero batted .300 with 29 home runs and 115 RBI in 152 games for Texas last season and played in the World Series for the first time.
It is the third post season award for the Rangers slugger. Guerrero was also named the A.L. Comeback Player of the Year by the Sporting News and Louisville Slugger honored him with his eighth career Silver Slugger Award.
Guerrero is the second Texas Rangers player to win the award. Rafael Palmeiro won the honor in 1999.