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Te'o beat out the other Walter Camp finalists, Texas A&M quarterback Johnny Manziel, Kansas State quarterback Collin Klein, USC receiver Marqise Lee and Oregon running backKenjon Barner.
The Fighting Irish senior is the third defensive player to win and fourth Notre Dame player to be selected.
Te'o also beat out Manziel and Klein for the Maxwell Award. The same three players are up for the Heisman Trophy, to be presented Saturday.
Te'o was presented with the Maxwell and Bednarik awards Thursday night at the awards show at Disney World. He is the first defensive player to win the Maxwell Award since 1980, ending a string of nine straight quarterbacks.
For the Bednarik, he beat out finalists Jadeveon Clowney from South Carolina and Georgia's Jarvis Jones.
The leader of the nation's top-ranked scoring defense, Te'o had 103 tackles and seven interceptions this season. He is the first linebacker to win the Bednarik since 2008.
Te'o's awards are the fourth, fifth and sixth national awards he has received since the end of the regular season. He already has won the Butkus Award, Bronko Nagurski Trophy and Lombardi Award.