Teammate Russell Westbrook was named defensive player of the year.
Stanford's Trent Johnson was chosen coach of the year.
Love is the second freshman to win player of the year since the league first offered the honor in 1975-76, and the third Bruin in four years to win. California's Shareef Abdur-Rahim was the first freshman to win the award in 1996.
Love averaged 17.4 points, 10.9 rebounds and shot 57 percent from the field during the regular season. He scored in double figures in all 31 games and had 19 double-doubles.
Love became the seventh UCLA player to be chosen the league's top player. Arron Afflalo won last year, joining Ed O'Bannon, Kenny Fields, two-time winner David Greenwood and Marques Johnson.
Love also was named to the All-Pac-10 first team. He joined Cal sophomore Ryan Anderson, Arizona State freshman James Harden, Stanford sophomore Brook Lopez and Southern California freshman O.J. Mayo.
UCLA junior Darren Collison, Arizona freshman Jerryd Bayless, Washington junior Jon Brockman, Oregon senior Maarty Leunen and Washington State senior Kyle Weaver were named to the all-league second team.
Freshmen were not eligible to play NCAA varisity basketball and football until 1972, meaning two of the most dominating players in Pac-10 and UCLA history, Kareem Abdul-Jabbar (then known as Lew Alcindor) and Bill Walton, were not allowed to play during their first year in college.
The Associated Press contributed to this report.