Dhoni has now become only the third cricketer to win this award after Tendulkar, who was the first-ever recipient in 2010, and Sri Lanka's Kumar Sangakkara, who won it in 2011 and 2012.
Other nominees for this year's LG People's Choice Award were Australia's Michael Clarke, England's Alastair Cook, India's Virat Kohli, and South Africa's AB de Villiers.
BCCI secretary Sanjay Patel received the award from Howard Lee, Director Home Entertainment, LG Electronics India Pvt Ltd, on behalf of Dhoni, who is currently in South Africa with the India cricket team.
The short list was nominated by an elite panel of cricket experts, which is headed by ICC Cricket Committee Chairman and former India captain Anil Kumble. Other members of the panel are England's Alec Stewart, New Zealand's Catherine Campbell, Pakistan's Waqar Younis and South Africa's Graeme Pollock.
The five players were nominated by the panel using the criteria set out by LG and the ICC.