Antetokounmpo won the award once again after leading the Milwaukee Bucks to the top seed in the Eastern Conference.
Their 56-17 record was the best in the NBA in a season impacted by the coronavirus pandemic. Antetokounmpo averaged 29.5 points, 13.6 rebounds and 5.6 assists per game in the regular season.
He becomes the first player to claim the MVP in successive seasons since Stephen Curry of the Golden State Warriors in 2015 and 2016.
Having also been named Defensive Player of the Year, Antetokounmpo is just the third player in league history to win that award and the MVP in the same season, that select list also featuring Michael Jordan and Hakeem Olajuwon.
Antetokounmpo could not guide the Bucks to their first NBA title since 1971, however, Milwaukee coming up short in the Conference semifinals.
The Bucks were beaten 4-1 in that series by the Miami Heat, with Antetokounmpo missing the final game due to an ankle injury sustained in Game 4.
Milwaukee's failure in the postseason ramped up speculation around Antetokounmpo's future amid talk he could demand a trade.
He is set to become a free agent at the end of the 2020-21 season, while he is eligible for a max contract extension worth around $254million this offseason.
Antetokounmpo dismissed speculation of a trade, however, telling Yahoo Sports: "It's not happening. That's not happening.
"Some see a wall and go in [another direction]. I plough through it. We just have to get better as a team, individually and get right back at it next season."