Braun received a brief standing ovation when he was introduced following a video tribute. Standing outside the Brewers dugout, he was given the Silver Slugger award as the NL's top hitting left fielder from team owner Mark Attanasio.
Yount, the 1982 and '89 AL MVP, then handed Braun the MVP award. Braun held the trophy above his head, smiled and walked back to the dugout, where he high-fived his teammates.
Braun hit .332 in 2011 with 33 homers, 111 RBIs, 109 runs scored and 33 stolen bases, leading the Brewers to the NL Championship Series.
Shortly after he won the MVP award, ESPN's "Outside The Lines" revealed that Braun tested positive in October for elevated testosterone but his 50-game suspension was overturned on appeal.
Information from The Associated Press contributed to this report.