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The 30-year-old first received the honour back in 2005 and becomes the only player other than his captain Richie McCaw to have received the prestigious award more than once.
Carter edged out McCaw, England number 10 Owen Farrell and France first-five Frederic Michalak for the award in one of the most closely fought battles in a year of high-calibre performances on the international stage.
The accolade completes a hat-trick of awards for New Zealand, as the All Blacks were named IRB Team of the Year for the sixth time and Steve Hansen the IRB Coach of the Year at the Rugby World Cup 2015 Pool Allocation Draw in London today.
Carter, the leading point scorer in Test Rugby with 1385 in his 94 appearances to date, has bounced back in great style from the disappointment of missing the majority of the All Blacks' Rugby World Cup-winning campaign through a groin injury.
Last month New Zealand celebrated their third anniversary as the number one team in the IRB World Rankings, playing an up-tempo brand of Rugby that was not only pleasing on the eye but extremely successful.
After an eight-year apprenticeship as Graham Henry's assistant, Hansen has seamlessly stepped up to the role of head coach and arguably taken the All Blacks on to even greater heights.
Under his command New Zealand were unbeaten in the calendar year until a 38-21 loss to England at Twickenham on Sunday, a result which brought to an end their 20-match unbeaten run.
In this time the All Blacks claimed the Bledisloe Cup for the 10th consecutive year on their way to the inaugural Rugby Championship title.
IRB Chairman Bernard Lapasset presented McCaw with the Team Award and the Players' Award on Carter's behalf, while IRB Vice Chairman Oregan Hoskins presented Hansen with the Coach Award.
"New Zealand have again been the stand out team of the year with their 20-match unbeaten run and thoroughly deserve the IRB Team of the Year award along with Steve Hansen as IRB Coach of the Year for his feats in keeping a Rugby World Cup winning-team winning," said Lapasset.
"Dan Carter has bounced back from the disappointment of missing the majority of the World Cup through injury to show what a truly magnificent player he is and a wonderful ambassador for our sport. Winning this award for the second time reflects his sheer talent and ability."
The IRB Player of the Year award is selected by the IRB Awards independent panel of judges, comprising former internationals with more than 500 Test caps between them.
Will Greenwood, Gavin Hastings, Raphaël Ibanez, Francois Pienaar, Agustín Pichot, Scott Quinnell, Tana Umaga, Paul Wallace and convenor John Eales watched more than 100 hours of Test action, awarding points to the three players they thought stood out in each match.
Previous winners of IRB Player of the Year Award:
2011 - Thierry Dusautoir (France)
2010 - Richie McCaw (New Zealand)
2009 - Richie McCaw (New Zealand)
2008 - Shane Williams (Wales)
2007 - Bryan Habana (South Africa)
2006 - Richie McCaw (New Zealand)
2005 - Dan Carter (New Zealand)
2004 - Schalk Burger (South Africa)
2003 - Jonny Wilkinson (England)
2002 - Fabien Galthié (France)
2001 - Keith Wood (Ireland)