The retailer was picked ahead of four other competitors on a shortlist consisting of Aviva, British Gas, Giffgaff (the brand launched by 02 last year) and Innocent.
Over the past year John Lewis' profits have risen once more and its reputation for value has increased through its "never knowingly undersold" proposition, which it reinstated as the focus of its marketing.
Gemma Greaves, marketing director at The Marketing Society, said: "John Lewis must be commended for its prodigious campaigns which have been excellently and commercially executed."
The shortlist was picked after an earlier voting round in which 12,000 votes from readers of Marketing cut down a selection of 20.
In 2009 the Brand of the Year was insurance comparison service Comparethemarket.com.
The society also presented its inaugural Outstanding Leader award to retail legend and Marks & Spencers chairman Sir Stuart Rose.
The award recognised Rose's efforts to focus M&S on sustainability while executive chairman.
Hugh Burkitt, CEO of The Marketing Society said: "The Outstanding Leader Award will become a regular feature of The Marketing Society’s Annual Dinner in years to come, and we are truly honoured and delighted to be able to award Sir Stuart this inaugural award.
"He is an inspirational figure in the world of business and one our members look up to for his consistent leadership abilities."