The Canadian, who won Junior Wimbledon in 2012, surged up the rankings in her first full season on the WTA circuit.
Starting the season at 144th in the list, Bouchard enjoyed a fine year and, after reaching her first WTA final in Osaka, ended it in 32nd place.
The 19-year-old is currently the world's highest-ranked teenager.
She follows in the footsteps of her close friend Laura Robson, who won the award 12 months ago.
Bouchard and Robson will also work with the same coach, Nick Saviano, in 2013.