The team was announced during the ICC Awards in Bangalore on Wednesday.
Ponting has been given this honour for the second time at these awards - he was also named captain in 2008.
Ricky Ponting has been named captain of the ODI team of the year for the second time.
Lloyd, the chairman of the panel, said: "It was a very difficult task in selecting this year's ODI team but looking at the line-up I feel it has great balance and depth. It would be a tough team for anyone to beat."
Lloyd was joined on the panel by former Australia batsman Matthew Hayden, former England bowler Angus Fraser, former Zimbabwe player and England coach Duncan Fletcher and former India allrounder Ravi Shastri.
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