The reigning Defensive Player of the Year registered a game-high 35 points on 16-of-16 shooting to lead Team LeBron to a 170-150 victory over Team Durant.
Antetokounmpo earned 10 of 12 possible MVP votes from a nine-member media panel and fan ballots on social media that counted for three votes.
Antetokounmpo's perfect shooting mark is an All-Star Game record for most makes without a miss. Hal Greer of the Philadelphia 76ers held the previous record, going 8-for-8 in the 1968 edition.
"This is the first time (my son) has come to watch me play in the All-Star Game. This (MVP award) is for him," Antetokounmpo said postgame.
The "Greek Freak" added seven boards, three assists, one steal, and one block.
He's the first player in Bucks history to receive All-Star Game MVP honors.