Presented annually since 1930, the honour salutes the most outstanding United States amateur athlete of the year based on athletic accomplishments, leadership skills, character and sportsmanship.
It is also a tribute to the AAU's founder and past President, James E Sullivan, who was a pioneer in amateur sports.
Accepting his prize at the New York Athletic Club, Lysacek said: "It's humbling to see my name among those on the impressive list of past Sullivan Award winners, especially Sarah Hughes who has always inspired me in my own skating.
"I'm honoured to receive this distinction and would like to thank the AAU for selecting me."
The United States Olympic Committee's chief executive officer Scott Blackmum said: "Evan is an outstanding ambassador for the United States and the Olympic Movement worldwide.
"In Vancouver, he demonstrated courage, determination, and sheer athletic talent to win the United States' first gold medal in men's figure skating since 1988.
"But even more inspiring was Evan's conduct off of the ice.
"He was the essence of sportsmanship, accepting his title with grace and poise, and reminding us all what the Olympic Games are really about.
"On behalf of the US Olympic family, congratulations Evan, and thank you for being such an outstanding role model."
For a full list of Sullivan Award winners click here.