Failla, 26, was one of the best players for Hibs last season, his performances helping the Paolites to finish second in the Premier League and win the U*Bet FA Trophy.
Failla, who also won this award in Season 2008-09, was amongst five finalists for the MFA Footballer of the Year award which included Andrew Cohen, of Hibs, and Valletta trio William Barbosa, Denni and Jonathan Caruana.
Other award winners were:
BOV First Division Darren Falzon (Naxxar).
BOV Second Division Simon Shead (Gzira).
BOV Third Division Matthew Spiteri (Fgura).
Youth League Johann Bezzina (Hibs).
BOV Women's League Rachel Cuschieri (Birkirkara).
Futsal Noel Bray (Naxxar Motors).
Premier League Obinna Obiefule (Marsaxlokk/Mosta) 34 goals.
First Division Darren Falzon (Naxxar) and Marcelo Pereira (Vittoriosa) 14 goals.
Second Division Simon Shead (Gzira) 20 goals.
Third Division Ricardo Severino Goncalves (Fgura) 25 goals.
Women's First Division Ylenia Carabott (Hibs) 22 goals.
Women's Second Division Brenda Borg (Mgarr) 33 goals.
Futsal First Division Alexander Ribic (Excess RP Bidnija) 40 goals.
Futsal Second Division Claude Camilleri (City Boys) 38 goals.
Futsal Third Division Shawn Vella (Ta' Zwejt Boys) 16 goals.
Futsal Fourth Division Wayne Muscat (Balzan Youths) 45 goals.
Fair Play Awards
Premier League 1. Qormi, 2. Valletta, 3. Hibernians.
First Division 1. Rabat Ajax, 2. Pietà Hotspurs, 3. St. Patrick.
Second Division 1. Gzira United, 2. Zebbug Rangers, 3. Luqa St. Andrew's.
Third Division 1. Xghajra Tornados, 2. Pembroke Athleta, 3. Marsa.
Youth League 1. Balzan Youths, 2. St. Andrews, 3. Marsa.
Women's League 1. Tarxien Rainbows, 2. Naxxar Lions, 3. Mgarr United.
Overall Winners 1. Gzira United, 2. Rabat Ajax, 3. Pietà Hotspurs.