The 27-year-old Bolt, who also won the award in 2008, 2009, 2011 and 2012, successfully defended both his 100 and 200m titles at the World Athletics Championships in Moscow this summer, winning the latter in a 2013 world-leading time of 19.66 sec.
He concluded his world championships by anchoring a Jamaican quartet to the gold medals in the 4x100m relay.
Bolt also won 10 out of his 11 100m races (including heats), and was unbeaten in his five races over 200m.
He beat off strong competition from British distance runner Mo Farah, who followed up on his 5,000-10,000m double at the London Olympics with two golds at the Moscow worlds.
"Wow..another IAAF athlete of year award. I'm beyond honoured...Jamaica this one is for you guys," tweeted Bolt.
Fraser-Pryce, 26, regained her 100m title at those world champs, her winning time of 10.71sec the fastest of the year.
She also clocked the fastest 200m time of the year (22.13) at the Jamaican championships in June and went on to win world gold in Moscow.
Like her compatriot Bolt, she also anchored the Jamaican 4x100m team to victory, a national record and the second fastest time in history.
Both athletes received a prize of $100,000.
The sole consolation for Farah was that his coach Alberto Salazar won the IAAF's coaching achievement award.
The Cuban-born American has guided the career of Farah as the Somali-born Briton stormed to a famous distance double-double.
(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)