Jokic was second in the voting with 10 first-choice votes, while Wembanyama earned five first-choice votes to finish third.
Canadian star Gilgeous-Alexander, 27, joins an elite club of only 14 NBA players who have won back-to-back MVP honors.
Nuggets star Jokic was the last to achieve the feat in 2021 and 2022, while the Milwaukee Bucks’ Giannis Antetokounmpo also went back-to-back in 2019 and 2020.
Other players to have won consecutive MVPs include Stephen Curry, LeBron James, Michael Jordan, Magic Johnson and Larry Bird.
Gilgeous-Alexander’s second award comes after another dazzling individual season that saw him average 31.1 points and 6.6 assists per game, helping the Thunder to a 64-18 record that saw them finish on top of the Western Conference.
Gilgeous-Alexander’s MVP also extends a streak of overseas players to win the honor.
The last American to win NBA MVP was James Harden in 2018.
The Thunder face Wembanyama and the Spurs in game one of the Western Conference finals on Monday.