Two days after announcing he had signed with Gold Coast for 2011, the hard-working midfielder chalked up 37.5 votes to outlast Brownlow Medallist Simon Black (34.5) and captain Jonathan Brown (28.5).
Rischitelli broke down in his acceptance speech and had to regain his composure after stopping midway through.
"I didn't think it was going to be this hard," he said.
"There'll always be a spot in my heart for the club and I want to wish the boys the best of luck in 2011.
"It's (Gold Coast decision) obviously been playing on my mind a little bit. The main reason I came out to announce it a few days ago was because of how the guys supported me through my footy. The announcement was for you guys. I thank you from the bottom of my heart."
The 24-year-old played all 22 games and became just the eighth person to claim the club's top prize since the award was renamed following the 1996 merger.
Rischitelli thanked Lions assistant coach Adrian Fletcher for helping to improve his game this season.
Lion chairman Angus Johnson paid the outgoing midfielder the highest compliment.
“We’re really sorry to see you leave, but we genuinely want to see you do really, really well at the Gold Coast,” he said.
Rischitelli edged out vice-captain Black, who finished runner-up for the third consecutive season.
Rischitelli's win also brought to an end Brown's run of three consecutive wins, although the inspirational skipper still managed to finish third despite being sidelined for six matches throughout the season.
Rischitelli was a worthy winner following a career-best season in a disappointing seven-win campaign for the Lions.
He was one of only six players to play every match and led the club in a range of key statistical categories including kicks, handballs, marks and contested possessions.
He also averaged a career-high 24 disposals per game.
For three-time winner Black it was the fourth time he had finished second in the count, despite missing four matches.
Brown was the early bolter after a stunning first month, including a nearly flawless seven-goal performance against Carlton in round two.
Supremely consistent vice-captain Luke Power finished fourth with 27.5 votes - his eighth consecutive top-five finish - while teenager Jack Redden rounded out the top five with 26.5 votes.
In other awards, vice-captain Daniel Merrett took out the Marcus Ashcroft most professional player award while Tom Rockliff edged out fellow 2010 AFL Rising Star nominees Redden and Todd Banfield for the honour of rookie of the year.
2010 Merrett-Murray Medal
1st: Michael Rischitelli - 37.5
2nd: Simon Black - 34.5
3rd: Jonathan Brown - 28.5
4th: Luke Power - 27.5
5th: Jack Redden - 26.5
6th: Ashley McGrath - 25.5
7th: Brent Staker - 25.0
8th: Daniel Rich - 24.5
9th: Matthew Leuenberger - 24.0
10th: Todd Banfield - 23.5
