Tuilagi, 19, has scored seven tries in 19 appearances for the club since making his Tigers debut on the opening weekend of the season away to Northampton Saints.
The Academy graduate has also been capped by England Saxons during his breakthrough season and his score against Saracens at Welford Road in Round 17 was voted second in the MBNA Try of the Season category.
Tuilagi saw off competition from from Owen Farrell (Saracens), Charlie Sharples (Gloucester Rugby) George Lowe (Harlequins) and James Gaskell (Sale Sharks) for the Land Rover Discovery of the Year.
He accepted his award from Olympic and World champion track cyclist Victoria Pendleton at the awards ceremony, held at Old Billingsgate in central London on Tuesday night and will get the use of a Land Rover Discovery for a year.
His brother Alesana Tuilagi made it a family double by landing the Guinness Top Try Scorer of the Season Award. Tuilagi ended the regular season with 12 tries to his name including one on the last day against London Irish. The 30-year-old now has 37 tries in 92 Premiership Rugby appearances for Tigers.
Manu Tuilagi was one of three Tigers players to make it into the ESPN Dream Team, as selected by ESPN analysts and former Tigers players Austin Healey and Ben Kay. He was joined by Anthony Allen and Thomas Waldrom in the XV of the season.
Waldrom had been in contention for Aviva Player of the Season but that award went to Northampton Saints back row forward Tom Wood. The QBE Director of Rugby of the Season went to Saints’ Jim Mallinder.
The MBNA Try of the Season was awarded to Saracens’ hooker Schalk Brits for his try against Gloucester in Round 21.
The winners and nominees in full were as follows:
Aviva Premiership Rugby Player of the Season: 1 Tom Wood (Northampton Saints), 2 Brian Mujati (Northampton Saints), 3 Schalk Brits (Saracens). Also nominated Thomas Waldrom (Leicester Tigers), Chris Ashton (Northampton Saints)
Land Rover Discovery of the Season: 1 Manu Tuilagi (Leicester Tigers), 2 Owen Farrell (Saracens), 3 Charlie Sharples (Gloucester Rugby. Also nominated James Gaskell (Sale Sharks), George Lowe (Harlequins)
QBE Director of Rugby of the Season: 1 Jim Mallinder (Northampton Saints), 2 Mark McCall (Saracens), 3 Rob Baxter (Exeter Chiefs. Also nominated Richard Cockerill (Leicester Tigers), Bryan Redpath (Gloucester Rugby)
MBNA Try of the Season: 1 Schalk Brits, SARACENS v Gloucester Rugby, 2 Manu Tuilagi, LEICESTER TIGERS v Saracens, 3 Andrew Hazell, Leicester Tigers v GLOUCESTER RUGBY. Also nominated Chris Ashton, London Irish v NORTHAMPTON SAINTS, Lesley Vainikolo, GLOUCESTER RUGBY v Leicester Tigers
Aviva Community Player of the Season: Hayden Smith, Saracens. Also nominated: Jimmy Gopperth, Newcastle Falcons; Jonathan Pendlebury, Leeds Carnegie; Ben Skirving, Bath Rugby; Roger Wilson, Northampton Saints
ESPN Dream Team
15 Mike Brown (Harlequins)
14 David Strettle (Saracens)
13 Manu Tuilagi (Leicester Tigers)
12 Anthony Allen (Leicester Tigers)
11 Chris Ashton (Northampton Saints)
10 Jimmy Gopperth (Newcastle Falcons)
9 Danny Care (Harlequins)
1 Soane Tonga’uiha (Northampton Saints)
2 Schalk Brits (Saracens)
3 Brian Mujati (Northampton Saints)
4 Courtney Lawes (Northampton Saints)
5 Tom Hayes (Exeter Chiefs) (CAPTAIN)
6 Tom Wood (Northampton Saints)
7 Jacques Burger (Saracens)
8 Thomas Waldrom (Leicester Tigers)
Guinness Top Try Scorer: Alesana Tuilagi, Leicester Tigers, 12 tries.
Gilbert Golden Boot: Jimmy Gopperth, Newcastle Falcons, 215 points
J.P. Morgan Asset Management Premiership Rugby 7s Series Player of the Season: Kevin Barrett, Saracens
Gatorade Performance of the Season: Tom Hayes
