There were mixed fortunes for Swann and Finn in Bangalore
England spinner Graeme Swann has lost out on the ICC player of the year as the award was picked up by multiple record-breaker Sachin Tendulkar.
But there was consolation for England fans as pace bowler Steven Finn won in the emerging player category.
Tendulkar, 37, has amassed nearly 14,000 runs for India in Test cricket.
Along with Tendulkar and Swann, 31, two batsmen - South Africa's Hashim Amla and India's Virender Sehwag - had been on the shortlist for the top prize.
Finn, meanwhile, beat off the challenge of Pakistan's Umar Akmal, Sri Lanka's Angelo Mathews and Australia's Tim Paine during an awards ceremony in Bangalore, India.
The 21-year-old bowler made his Test debut in Bangladesh in March, and has played all eight Tests for England since, taking 32 wickets at an average of 23.21.
Receiving his award from former West Indies bowler Joel Garner, Finn said: "It's a great honour to win this, an award I wasn't expecting and I'm very pleased and honoured to be playing Test match cricket for my country.
I'm really excited to have won two awards and this last season for the entire team has been really special. This is the game's way of appreciating someone's performance
"I've enjoyed the last few months representing my country and I hope it continues. Next up is the Ashes and I think we're well prepared to win the series and have a settled side ready to go there this winter."
There was further recognition of England players with Swann and James Anderson named in the Test team of the year, while Paul Collingwood and Stuart Broad took their places in the ODI team.
And 71-year-old former England captain Rachael Heyhoe-Flint has been inducted into the ICC's hall of fame, the first woman to achieve the accolade.
Sehwag had the consolation of being named Test player of the year, with AB de Villiers taking the one-day award.
Tendulkar, who also won the inaugural People's Choice Award, said: "This is the game's way of appreciating someone's performance.
"It feels great to have two trophies in front of me and I am feeling very proud and happy."
The Indian superstar follows in the footsteps of India's Rahul Dravid (2004), Andrew Flintoff and Jacques Kallis (joint winners in 2005), Ricky Ponting (2006 and 2007), Shivnarine Chanderpaul (2008) and Mitchell Johnson (2009) to take the top award.
During the voting period, the Mumbai maestro played in 10 Test matches, hitting 1,064 runs, including six centuries, at an average of 81.84.
He also played in 17 ODIs in the time, smashing his way to 914 runs at an average 65.28 in a period that also included the record-breaking double-century against South Africa in Gwalior.
ICC Awards 2010
Cricketer of the Year
Sachin Tendulkar (Ind)
Test Player of the Year
Virender Sehwag (Ind)
ODI Player of the Year
AB de Villiers (SA)
Steven Finn (Eng)
Associate and Affiliate Player of the Year
Ryan ten Doeschate (Netherlands)
Twenty20 International Performance of the Year
Brendon McCullum (NZ) - for his 116 not out in 56 balls against Australia in Christchurch on 28 February
Women's Cricketer of the Year
Shelley Nitschke (Aus)
Umpire of the Year
Aleem Dar (Pakistan)
Spirit of Cricket
People's Choice Award
Sachin Tendulkar (India)
ICC Test Team of the Year (in batting order):
Virender Sehwag (Ind), Simon Katich (Aus), Sachin Tendulkar (Ind), Hashim Amla (SA), Kumar Sangakkara (SL), Jacques Kallis (SA), Mahendra Singh Dhoni (Ind, captain and wicketkeeper), Graeme Swann (Eng), James Anderson (Eng), Dale Steyn (SA), Doug Bollinger (Aus)
ICC World ODI Team of the Year (in batting order):
Sachin Tendulkar (Ind), Shane Watson (Aus), Michael Hussey (Aus), AB de Villiers (SA), Paul Collingwood (Eng), Ricky Ponting (Aus, captain), Mahendra Dhoni (Ind, wicketkeeper), Daniel Vettori (NZ), Stuart Broad (Eng), Doug Bollinger (Aus), Ryan Harris (Aus)