Retallick was rewarded with the top gong by the International Rugby Board (IRB) on Saturday after helping the All Blacks win the Bledisloe Cup and a third consecutive Rugby Championship title.
The 23-year-old, who featured in Saturday's 34-16 win over Wales, held out Julian Savea, Duane Vermeulen, Willie Le Roux and Jonathan Sexton to become the fourth All Black to win the prestigious award.
Retallick, who is the first second-rower to receive the accolade since the award was introduced in 2001, said he was honoured to be recognised by the IRB.
"You can't drink out of it, it is just a little plaque but at the same time I will put it up on the mantelpiece, pretty proudly,'' Retallick was quoted as saying by Fairfax.
"Heading into this year I just wanted to improve and obviously I didn't think it would go this well.
"It's a huge honour and now I guess the challenge is to be better next year.
"It is something I never even thought about until I got nominated.''
All Blacks coach Steve Hansen, who won the World Coach of the Year, added: "We have always marvelled at the size of his engine, he just keeps running all day long.
"He is ably supported by Sammy [Whitelock] and there is a sense strength about him mentally and he is physically tough.''
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