The 27-year-old, who also has six Olympic gold medals and holds the 100 and 200 metres world records, won the IAAF (International Association of Athletics Federations) award for the third season in a row and the fifth time in six years.
"This season will be the one to go for the (200m) world record," said Bolt, hinting that a time below 19 seconds was the target. His current world record is 19.19 seconds.
Compatriot Fraser-Pryce claimed gold medals in the same three events in Moscow, having previously won two golds and two silvers, and is also the Olympic sprint champion.
The 26-year-old Fraser-Pryce collected her first female World Athlete of the Year award, and it was also the first time since Britain's successes in 1993 that two athletes from the same country have won the awards in the same year.
"I'm shocked and excited. It's something that has been a dream of mine," said Fraser-Pryce, who becomes the second Jamaican woman to win the award after Merlene Ottey in 1990.
Bolt and Fraser-Pryce also receive a prize of $100,000 (62,008 pounds).
The other male nominees were Ukraine high jumper Bohan Bondarenko and British distance runner Mo Farah, while New Zealand shot-putter Valerie Adams and Czech hurdler Zuzana Hejnova were short-listed for the women's prize.
(Reporting by Josh Reich; Editing by Ken Ferris)
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