Eight-time Olympic sprint champion Bolt and four-time Olympic gold gymnast Biles were named sportsman and sportswoman of the year at the 2017 Laureus Sports Award gala held in Monaco.
Britain's Rachel Atherton won the action sportsperson of the year award for her downhill mountain biking feats.
Atherton, 29, became the first rider in history to complete a perfect downhill World Cup season and then won a fourth World Championship title a week later.
Leicester City won the spirit of sport award for winning the Premier League.
Nico Rosberg, who quit Formula 1 in December five days after being crowned world champion, received the breakthrough of the year prize.
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Other award winners
Team of the year: Chicago Cubs, who ended a 108-year wait to win Major League Baseball's World Series.
Comeback of the year: American swimmer Michael Phelps, who won his 23rd Olympic gold in his final Games in Rio.
Sportsperson of the Year with a disability: Beatrice Vio, Italian wheelchair fencer who won gold at the 2016 Paralympics.
Sport for Good Award: for Sporting Inspiration: The Refugee Olympic Team, who competed at the Rio Olympics.
Best Sporting Moment: Barcelona Under-12 team whose players consoled their distraught Japanese opponents at the end of the Junior Soccer World Challenge in a touching show of sportsmanship.
The Laureus Sport for Good Award: Waves for Change.