Sri Lankan player Sangakkara was honoured with the Sir Garfield Sobers trophy and was named the ICC Cricketer of the Year at the ninth ICC (International Cricket Council) Awards event in Colombo.
Sangakkara was also named in the ICC Test and ODI Teams of the Year that were announced ahead of the awards ceremony, while he also picked up the ICC Test Cricketer of the Year award.
In addition, the 34-year-old left-handed top-order batsman won the People's Choice trophy to emerge as one of the biggest stars of the evening.
Sangakkara was joined on the winners' list by India's Virat Kohli, who took the ICC ODI Cricketer of the Year.
Kohli, 23, is a middle order batsman and plays for Royal Challengers Bangalore IPL team. He is considered as one of India's potential number three batsman in Tests after Rahul Dravid announced his retirement from cricket.
Kohli has shown his batting and bowling prowess in several test and ODI games this year. In July, his century (106) propelled India win its first ODI against Sri Lanka. His highest score, 183, came against Pakistan in the Asia Cup on 18 March 2012.
The independent voting academy of 32 experts selected Kohli over other contenders including Sangakkara and Lasith Malinga as well as India's captain Mahendra Singh Dhoni.
"It's always nice to be recognised by the ICC and it's a great feeling and it's the first time I've won one of these awards and it feels great," Kohli said.
West Indies' bowler Sunil Narine won the ICC Emerging Cricketer of the Year award. This is Narine’s first ever ICC award.
Another cricketer from Wes Indies, Stafanie Taylor, won her first ICC Women's ODI Cricketer of the Year award.
England’s Sarah Taylor bagged the inaugural ICC Women's T20I Cricketer of the Year award. 23-year-old Taylor is a wicketkeeper-batsman. She is the top-order opening batsman in ODIs and plays in the middle order in Test cricket matches.
Meanwhile, Ireland's George Dockrell was named the Associate and Affiliate Cricketer of the Year for the first time and New Zealand's Daniel Vettori received the ICC Spirit of Cricket award.
Umpire Kumar Dharmasena of the Emirates Elite Panel of ICC Umpires won the David Shepherd Trophy for ICC Umpire of the Year for the first time.
the evening also saw other cricketers honoured including Richard Levi winning the Twenty20 International Performance of the Year award for his 117 not out against New Zealand in February this year.
The LG ICC Awards ceremony has been held in London (2004 and 2011), Sydney (2005), Mumbai (2006), Johannesburg (2007 and 2009), Dubai (2008) and Bengaluru (2010).
ICC Awards 2012 full list:
ICC Test Cricketer of the Year - Kumar Sangakkara (Sri Lanka)
ICC Women's ODI Cricketer of the Year - Stafanie Taylor (West Indies)
ICC ODI Cricketer of the Year - Virat Kohli (India)
ICC Emerging Cricketer of the Year - Sunil Narine (West Indies)
ICC Associate and Affiliate Cricketer of the Year - George Dockrell (Ireland)
ICC Twenty20 International Performance of the Year - Richard Levi (South Africa)
ICC T20I Women's Cricketer of the Year - Sarah Taylor (England)
ICC Spirit of Cricket Award - Daniel Vettori (New Zealand)
ICC Umpire of the Year (winning the David Shepherd Trophy) - Kumar Dharmasena
LG People's Choice - Kumar Sangakkara (Sri Lanka)