The 24-year-old ended the season with a 59-15 record as he claimed the gold medal at the Tokyo Olympics and also won the Nitto ATP Finals.
Zverev became the fourth player in the history of the competition to beat the world's top two ranked players as he powered past Novak Djokovic in the semi-finals before cruising past Daniil Medvedev in the championship game.
The Hamburg-born player won the most titles on the ATP Tour in 2021 as he lifted six trophies - including those in Madrid, Cincinnati, Acapulco and Vienna.
The tennis star is yet to claim a Grand Slam in his career but his achievements in 2021 were enough to earn him the top sports award in Germany.
Zverev finished ahead of open water swimmer and fellow Tokyo gold medal winner, Florian Wellbrock. Third on the list was the ski jumping world champion Karl Geiger while table tennis star Dimitrij Ovtcharov took fourth.
Olympic long jump champion Malaika Mihambo won the award in the women's category.