Hodge polled 167 votes to beat 2008 champion Lance Franklin (122) and 2009 winner Sam Mitchell (112).
The win capped off a stellar year for the 26-year-old, who was named All-Australian captain in September, his third selection in that side.
Hodge polled in 18 of his 22 games and he was judged by his coaches as Hawthorn’s best player in eight of those matches.
Franklin was the club’s leading goalkicker with 64 goals from 18 matches, and was also awarded the AFL 2010 Panasonic Goal of the Year for his round 13 effort against Essendon at the MCG.
Mitchell completed another consistent season, edging out exciting youngster Cyril Rioli for the last place on the podium.
Mitchell was joined by Gwen Crimmins, the widow of the late Peter Crimmins, as he presented Hodge with the medal.
Peter Crimmins Medal top 10
Luke Hodge - 167
Lance Franklin - 122
Sam Mitchell - 112
Cyril Rioli - 110
Jordan Lewis - 90
Ben Stratton - 87
Shaun Burgoyne - 86
Jarryd Roughead - 85
Brent Guerra - 83
Brent Renouf - 81