The 25-year-old finished 12 votes clear of Taylor, with Mackie three votes further back.
Mathew Stokes, Steven Motlop and the club's fourth All Australian for the season, Corey Enright, rounded out the top six.
A Corey to sign, a Corey to resign
Selwood received the 'Carji' Greeves Medal at a gala function held in Melbourne, which was attended by more than 1500 people on Thursday night.
The award capped off a brilliant season for Geelong's fearless leader, who was named All Australian captain and was runner-up in the Brownlow Medal, just one vote behind former teammate Gary Ablett.
He previously won the 'Carji' in 2010 and was second in 2012.
Chapman farewells mates, says no to cameo season in AFL
Selwood has become the 23rd player to win more than one Geelong best and fairest.
"It's a huge honour," he said. "I was a young Cats fan many years ago, and to have the privilege of actually playing with the side that you've loved for so long is huge.
"To win this award is not something you set out to do, but it's a huge pat on the back."
Taylor enjoyed a dominant season at both ends of the ground, establishing himself as one of the finest key-position players in the competition.
Cats pull the plug on J-Pod
Mackie played every game for the second year running, his brilliant form earning him a place on the bench in the All Australian team.
Mackie finished the Cats' campaign with the highest tally of disposals (519), marks (156) and inside-50s (89) of his career.
The shock of the night was that mercurial midfielder Steve Johnson, who polled the third-most votes in the Brownlow Medal, finished outside the top 10.
"We had so many great players this year," Selwood said. "Stevie is his own individual and he might have different views on it.
"He's right to be probably dirty, but at the same time you can't complain with who's in the top 10, because we had some great performances over the year.
"Players stood up, then we asked more of them, and they stood up again."
GEELONG BEST AND FAIREST: TOP 10
Joel Selwood - 323
Harry Taylor - 311
Andrew Mackie - 308
Mathew Stokes - 307
Steven Motlop - 306
Corey Enright - 303
Jimmy Bartel - 298
Allen Christensen - 296
Mitch Duncan - 290
Tom Lonergan - 281
Ruckman Mark Blicavs won the best young player award, although he was not able to attend Thursday night's function after undergoing wrist surgery earlier in the day.
The club has revealed that Blicavs carried a cracked bone in his wrist through the latter part of the season.
The coach's award went to Steven Motlop, while the community champion award was won by Mathew Stokes.
Mark Corrigan won the VFL best and fairest.
Twitter: @AFL_AdamMcNicol
