Chris` girlfriend Rihanna also received two awards - Favorite Soul/R`n`B Female Artist and Favorite Pop/Rock Female Artist.
The 19-year-old singer was also named Favorite Male Artist in both the Pop/Rock and Soul/R'n'B categories, and admitted he was amazed to have won the prestigious accolades.
As he collected his Artist of the Year prize, Chris said: "I was shocked. I'm so thankful and grateful. I thought Coldplay should have won the award, but I'll take it."
Chris' girlfriend Rihanna also received two awards - Favorite Soul/R'n'B Female Artist and Favorite Pop/Rock Female Artist.
Rihanna gave a raunchy performance of her ballad 'Rehab' at the event - which was held at Los Angeles' Nokia Theatre - wearing chains and a leather corset.
Kanye West was thrilled to win the Favorite Rap/Hip Hop Album for 'Graduation' and be named Favorite Rap/Hip Hop Male Artist, and took the opportunity to challenge all the other male rappers present to work harder.
He said: "It's our responsibility as musicians to keep pushing each other. We will be the new Beatles, the new Jimi Hendrix. I want to be Elvis."
Annie Lennox was presented with the Award of Merit by Justin Timberlake, and appeared stunned to have won the honour.
She said: "I never thought I would live to see the day that I could be 53 years old standing on a stage. It's been an incredible journey. Music - my friend, my accompaniment through life."
Mariah Carey was given a special award for having the most US number one hits of all time, and went on to give a show-stopping performance of her new single 'Stay In Love'.
Christina Aguilera opened the show with a medley of her greatest hits, while New Kids On The Block also took to the stage to sing a collection of their best known tracks.
Other performances came courtesy of Miley Cyrus, Ne-Yo, Jonas Brothers and Beyonce Knowles.