The 25-year-old DeRozan led all players in the East by averaging 24.1 points in seven games. He also averaged 4.9 assists, 3.7 rebounds and shot 61-for-124 from the field.
DeRozan scored over 20 points in 17 of Toronto's final 22 games — four of which were in April. The Compton, Cal. native had 38 points against the Boston Celtics on April 4, a game where the Raptors lost 117-116 in overtime.
DeRozan joins teammate Kyle Lowry and former Raptor Chris Bosh as the only players in Toronto history to earn the honour.
The Raptors begin the first round of the playoffs on Saturday when they host the Washington Wizards at Air Canada Centre.