The win means the 27-year-old has won the medal in each of his three years at the Blues since switching from West Coast, where he won two club champion awards.
He also won the 2004 Brownlow Medal while in Perth, and added a second Brownlow this year to go with the 2006 AFLPA MVP award, the 2005 Norm Smith Medal and five All Australian selections.
Judd missed the first three matches in 2010 due to suspension, but, as in the Brownlow where he collected best-on-ground votes in the next five matches, that didn't slow down his charge and he already had the lead in the B&F after seven rounds.
Jordan Russell had his best AFL season and played all 23 games but still finished over 100 points behind Judd in the voting, finishing a distant second.
Young guns Marc Murphy and Bryce Gibbs finished third and fourth respectively.
Judd - who faced the media after the count flanked by Russell and Murphy - said he was thrilled to win, but was already looking to the future.
"I've achieved far more personal awards than I would have ever dreamed possible, or even thought about," he said.
"But for my career to be fulfilled, I just need a premiership at Carlton. That's what we're all working towards, and just looking forward to seeing the growth in our young group, and to seeing these two blokes, or some of the other young blokes as the ones winning the awards going forward."
Russell said he knew during the season that he was having his best year at the elite level.
"It felt more consistent. It felt like I was performing to a benchmark level week-in, week-out, which is what I aim to do," he said.
"I know I'm not going to be able to be able to play like Chris Judd or Marc Murphy; I play on the half-back line, but I just wanted to have a consistent year where I put in 22 or 23 good performances, and I think I got pretty close to doing that."
The best first year player was midfielder Kane Lucas and best clubman was Michael Jamison.
| Position | Player | Votes |
| 1st | Chris Judd | 473 |
| 2nd | Jordan Russell | 354 |
| 3rd | Marc Murphy | 343 |
| 4th | Bryce Gibbs | 322 |
| 5th | Andrew Carrazzo | 310 |
| 6th | Kade Simpson | 300 |
| 7th | Jeffrey Garlett | 279 |
| 8th | Heath Scotland | 243 |
| 9th | Eddie Betts | 217 |
| 10th | Aaron Joseph | 197 |
