Price barely beat out 2011 winner Justin Verlander for the American League prize in one of the closest votes ever. Dickey was an easy choice for the NL honor in balloting by the Baseball Writers' Association of America.
The 38-year-old Dickey became the first knuckleball pitcher to win the Cy Young Award, an achievement mentors such as Hall of Famer Phil Niekro are quite proud of.
"I am not a self-made man by any stretch of the imagination," Dickey said on MLB Network. "This is a victory for all of us."
Runner-up two years ago, Price was the pick this time by the slimmest of margins. He received 14 of 28 first-place votes and finished with 153 points to 149 for Verlander, chosen first on 13 ballots.
Other than a 1969 tie between Mike Cuellar and Denny McLain, it was the tightest race in the history of the AL award.