The award recognizes leading standards of competitions from around the globe. Twelve months ago the annual tournament at The Queen's Club won the award for the first time, succeeding the Swedish Open in Bastad.
The Aegon Championships has also received the award for Best Player Services for the European Group for a second consecutive time, as voted by ATP staff.
Three-time winner Andy Murray has already confirmed he will return in 2015 alongside current champion Grigor Dimitrov and four-time title holder Lleyton Hewitt.
Stephen Farrow, Aegon Championships Tournament Director, said: "It's a thrill to receive these awards for a second successive year as they recognize the wonderful work our tournament team, The Quereen's Club, our sponsors - particularly Aegon - and our broadcast partners do to make the event the best it can be.
"This is an exciting year for the Aegon Championships as we are now an ATP-500 event for the first time. We will be doing everything within our power to create an even better experience for the players, sponsors, media and spectators."
David Macmillan, Chief Marketing Officer, Aegon UK, added: "For the Aegon Championships to be voted the ATP 250 tournament of the year by the players for a second year in a row is the best possible accolade for what is the flagship event of our partnership with British Tennis."
Chris Kermode, ATP Executive Chairman and President, said: "On behalf of the ATP, my congratulations go to the Aegon Championships for winning this award for a second consecutive year.
"It's a fitting recognition to the team that has done a fantastic job in ensuring the event sets the highest of standards in its category on the Tour."
