The first ICC Awards will take place in England in September.
Said ICC chief executive Malcolm Speed: “The ICC Awards will no doubt generate a great deal of interest, discussion and debate in the cricket community about nominations and selections, and that is something we certainly welcome as a positive story for cricket.
“With seven different awards, cricketers in both forms of the game can be duly recognised for their performances.”
A voting panel of up to 50 cricket luminaries - including present captains, match officials and former prominent players - is being established to vote on the individual awards.
The first event will take place at Alexandra Palace on September 7.
The awards have been established by the ICC in association with the Federation of International Cricketers’ Association (FICA).
The event will also be televised.
Cricket’s world governing body the ICC is to launch a new annual awards ceremony later this year.
