Morneau, from New Westminster, B.C., won the National League batting title last season. The award is presented annually to the Canadian player judged to have excelled in individual achievement and team contribution while adhering to baseball's highest ideals.
He will be presented with the award in a ceremony at a Rockies home game during the 2015 season.
"I would like to start by saying thank you for being named the winner of the 2014 Tip O'Neill Award," Morneau said in a statement. "With the high quality of Canadian baseball and softball players that now hail from Canada, it is truly one of the great honours of my career. To be mentioned amongst the great Canadian players in 2014, and to ultimately win the Tip O'Neill award is very special. When you look at the list of past winners, it is truly humbling to be listed with them again.
"I would also like to thank the Canadian Baseball Hall of Fame for not only this award, but also for doing such a great job of promoting and developing the game of baseball in Canada."
Morneau, who also won in 2006 and 2008, is one of four players to have won the award at least three times. The others are Maple Ridge, B.C., native Larry Walker (a nine-time winner), Toronto native Joey Votto (four-time winner) and Trail, B.C., native Jason Bay (a three-time winner).
Morneau hit .319 last season and led all Canadian players in most offensive categories. He was second among National League first basemen in slugging percentage (.496) and on-base plus slugging percentage (.860).
He was also a Gold Glove finalist and was 24th in National League MVP voting. Morneau was also selected to play for a post-season all-star team that travelled to Japan.
"Justin Morneau represents everything you want in an ambassador for the game of baseball and for the sport in our country," said Scott Crawford, the Hall's director of operations. "Yes, he's a batting champion and a Gold Glove finalist on the field, but he's also a passionate supporter of the national program and he quietly and selflessly supports a long list of charities.
"We're proud to present this award to such a great all-around player and humanitarian."
Toronto native Russell Martin, Dalton Pompey of Mississauga, Ont., James Paxton of Ladner, B.C., Stephanie Savoie of La Pocatiere, Que., and Jamie Romak of London, Ont., were also considered. The Hall considered each candidate's on-field performance, contributions to their team, community and charitable endeavours and support in fan voting.
The award is named after Woodstock, Ont., native James (Tip) O'Neill, who was one of Major League Baseball's first legitimate stars. He set several records in 1887 with the American Association's St. Louis Browns.