More than 400 players cast votes for a group of 12 finalists who were selected by a panel of league executives.
Holiday received 57 first-place votes and 1,359 total points to finish ahead of Brooklyn Nets forward Mikal Bridges (39 first-place votes and 1,190 points) and Golden State Warriors guard Stephen Curry (42 and 1,117).
Holiday, 32, won the award with the Bucks last season and in 2019-20 while playing for the New Orleans Pelicans. He is the only multiple-time winner of the award, presented since 2012-13.
Holiday averaged 19.3 points, 7.4 assists and 5.1 rebounds in 67 games (65 starts) and helped Milwaukee (58-24) earn the No. 1 seed in the Eastern Conference. He earned his second All-Star Game selection and made his fifth appearance on the All-Defensive team.
The award is named for Jack Twyman and Maurice Stokes, teammates with the Rochester/Cincinnati Royals from 1955 to 1958. Stokes was injured on the final day of the 1957-58 season, went into a coma days later and was ultimately paralyzed. Twyman became his legal guardian and advocate and supported Stokes until his death in 1970. Both men are enshrined in the Basketball Hall of Fame.