The 37-year-old forward, whose standout early career was derailed by injury but has missed just one game the last two seasons, won the honor for the second time in three years.
Hill finished 350 points ahead of runner-up Chauncey Billups of Denver, last year's winner. The other finalists, in order of votes received, were Ray Allen of Boston, Antawn Jamison of Cleveland, Al Horford of Atlanta and Luis Scola of Houston.
The NBA will donate $10,000 on behalf of Hill to the WellCare Foundation. The league will donate $5,000 on behalf of the favorite charity of each of the other five division winners.