The "Hotline Bling" hitmaker, who beat Adele, Beyonce, Justin Bieber, The Chainsmokers, Ariana Grande, Shawn Mendes, Rihanna, Twenty One Pilots and The Weeknd in the top artist category, brought his whole team onstage with him to accept the award, reported Billboard.
While accepting the honour the 30-year-old rapper said, "I wanna say hold tight, Adele, 'cause when a new ting drops yeah you'll fall back to get the record back."
Twenty One Pilots and Beyonce were also big winners on the night, with five BBMAs apiece, while The Chainsmokers earned four.
Vanessa Hudgens and Ludacris-hosted ceremony featured performances by Cher, Celine Dion, Florida George Line with John Legend.
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Cher, who was honoured with the prestigious icon award at the ceremony, gave a high-powered performance of her classic hits "Believe" and "If I Could Turn Back Time".
"I've been doing it for 53 years. This is not an applause thing. I'm 71 yesterday. Yes. And I can do a five-minute plank, just saying," Cher said in her acceptance speech.
Dion received a standing ovation as she performed her iconic song "My Heart Can't Go On" 20 years after its initial prominence as the main song from the blockbuster Leonardo DiCaprio-Kate Winslet film "Titanic".
Diddy also took the stage to pay tribute to The Notorious BIG on the legendary rapper's 45th birth anniversary and debuted the trailer for his upcoming Bad Boy Records documentary "Can't Stop, Won't Stop".
Billboard Music Awards will air tonight on VH1 at 9 pm in India.