The pair were honoured after glittering 2025 campaigns that saw them finish atop the women's and men's tennis rankings.
Spaniard Alcaraz, 22, reclaimed the year-end world number one spot after capturing two Grand Slam titles at the French Open and US Open, underlining his supremacy across surfaces.
Belarusian Sabalenka, 27, stood alongside him in the winners' circle in New York and also reached the final in Australia and France, capping a season of relentless consistency.
With her triumph, Sabalenka joins a roll call of Laureus Sportswoman of the Year recipients from her sport, including Serena Williams, Jennifer Capriati, Justine Henin and Naomi Osaka.
In a first for the awards, the ceremony was hosted by two athletes - both former Laureus winners - Novak Djokovic and Eileen Gu.
Last year's top honours went to gymnast Simone Biles and pole-vaulter Mondo Duplantis.
Lamine Yamal, PSG, McIlroy & Norris honoured
Elsewhere, Rory McIlroy claimed the World Comeback of the Year Award after ending an 11-year wait to complete the career Grand Slam with a playoff victory at the 2025 Masters, a title he defended in 2026.
Formula 1's Lando Norris was named World Breakthrough of the Year after winning a tight title fight to become a world champion for the first time.
PSG took World Team of the Year after a trophy haul in 2025 that included the French league and cup plus their first Champions League crown.
Barcelona and Spain star Lamine Yamal was named the first Young Sportsperson of the Year, with the category a new addition to the awards this year.
The Laureus World Sports Awards nominees are selected by the global media, while the winners are determined by the 69 members of the Laureus World Sports Academy. The awards have been presented annually since 2000.
Winners:
World Sportsman of the Year Award: Carlos Alcaraz
World Sportswoman of the Year Award: Aryna Sabalenka
World Team of the Year Award: PSG
World Breakthrough of the Year Award: Lando Norris
World Comeback of the Year Award: Rory McIlroy
World Young Sportsperson of the Year Award: Lamine Yamal
World Sportsperson of the Year with a Disability Award: Gabriel Araujo
World Action Sportsperson of the Year Award: Chloe Kim
Laureus Sporting Inspiration Award: Toni Kroos
Laureus Lifetime Achievement Award: Nadia Comaneci
Laureus Sport for Good Award: Futbol Mas