The US basketball governing body announced the award at Colorado Springs, Colorado, Thursday, reports Xinhua.
James is one of just two players in the history of the game to win MVP (Most Valuable Player), the NBA championship and the Olympics in the same year, along with Michael Jordan.
"It's an honour that I have been named the 2012 USA Basketball Male Athlete of the Year," James was quoted as saying by a release of the association. "It's always an honour to represent my country. "
"I never do it to be recognized or to receive an award. I do it because I love my country and the game of basketball."
James is now one of three US players to participate in three Olympics. He has two Olympic gold medals (2008, 2012) and one bronze (2004).