The native of Vaughan, Ont., captured the award after averaging 16.9 points and 4.6 rebounds this season.
Wiggins played in all 82 regular-season games with the Minnesota Timberwolves, averaging 39 minutes per contest.
Wiggins was selected first overall by Cleveland in last summer's NBA draft before being packaged in a deal that sent Kevin Love to the Cavaliers.
After finding his way early, Wiggins averaged 19.1 points per game after Jan. 1 and scored 23.3 points over his final 13 regular-season contests.
Thunderous dunks over Utah centre Rudy Gobert and New Orleans' Omer Asik the final month of the season were highlights for a Minnesota team that posted a league-worst 16-66 record.