He is also the first Pakistan player to be voted as the ICC Emerging Cricketer of the Year.
Amy Satterthwaite was included in the ODI team of the year, while Sophie Devine and Lea Tahuhu made the T20 team.
Four of the last five ICC Test players of the year are Australian, starting with Michael Clarke in 2013, Mitchell Johnson in 2014 and Smith in 2015 and 2017.
According to the ICC report, Khan took 60 wickets in 2017 alone - a record for an Associate player in a calendar - and 43 in ODIs - another record for a player from outside the Full Member nations - making him a thoroughly deserved victor of the Associate Cricketer of the Year award.
Likewise, he also gave a sparkling performance in ODIs by accumulating 1818 runs past year with a glorious average of 82.63 scoring 7 centuries. At the time he was only 17 years old. He has 60 wickets to his name for his country in 2017. It is a very honourable and happy moment for me.
"I completely realise that I was severely needed in New Zealand, where it was an opportunity for Pakistan to prove just how good we are, and especially how good we can be in different conditions", Consistency said.
Anya Shrubsole of England Women's team won the Spirit of Cricket award.
Among others, Pakistan quick Hasan Ali was named the Emerging Cricketer of the Year after he helped Pakistan win the ICC Champions Trophy in June, while Afghanistan spinner Rashid Khan was named Associate Cricketer of the Year.