It is the second time the 32-year-old, who helped Cote d'Ivoire to Africa Cup of Nations success in February, has landed the award.
He previously won in 2013 and has now been shortlisted for the accolade a record seven times. His latest success came as he beat off competition from Andre Ayew (Ghana and Swansea City), Sadio Mane (Senegal and Southampton), Pierre-Emerick Aubameyang (Gabon and Borussia Dortmund) and Yacine Brahimi (Algeria and Porto).
Toure said: "I am very proud to be named BBC African Footballer of the Year and would like to thank everyone that voted. I work hard every day to be the best I can be, so to be nominated seven consecutive times and win this award for a second time means a lot to me.
"I would also like to pay tribute to my fellow nominees and this fantastic initiative, which celebrates African footballers - shining a light on our wonderful continent. We have so much talent in Africa, so I am determined to continue to achieve on the pitch and use my success to help lead the way for the next generation."