The trophy is presented each year to the National Player of the Year as selected by the U.S. Basketball Writers Association.
Over 37 games this season, Kaminsky has averaged 18.7 points, 8.0 rebounds and 2.7 assists while shooting 54.9 percent from the field.
The 7-foot senior helped the Badgers notch a program-record 35 wins, and Big Ten regular season and tournament championships.
On Saturday, Wisconsin will face Kentucky in its second consecutive Final Four.
"This is obviously a great award and I am honored to receive it," Kaminsky said. "I have to thank my family, who have really helped me grow as a person and grow as a basketball player. I'm just so honored to receive this award."
Kaminsky also was named Associated Press player of the year.