Toure beat fellow Ivory Coast star and former Chelsea striker Didier Drogba into second place with former Arsenal midfielder Alex Song third.
He won the 2012 poll in a vote of head coaches or technical directors of countries affiliated to the Confederation of African Football.
Ex-Barcelona striker Samuel Eto'o holds the most titles, having won four times.
African Nations Cup winners Zambia were named team of the year with their coach Herve Renard named coach of the year.
Song currently plays for Barcelona while Drogba signed for Shanghai Shenhua in May.
Toure, who won the award last year, is part of the Ivory Coast team heading to the Africa Cup of Nations that starts in South Africa next month.
Mancini claims a second Premier League title with Manchester City would be better than the first.
City, who scored twice in stoppage time to win their first league championship in 44 years against QPR in May, are six points behind Manchester United.
"If we win this title it would be better because now we are in second position" said Mancini, whose side face Reading on Saturday.
"We have six points less [than United] and it will not be easy to win."
The Italian admits, however, much is dependent on how his side cope with the absence of Toure and Kolo Toure, who will participate for Ivory Coast in the African Cup of Nations.
The loss of key players will also be worrying Arsenal and Chelsea, but Newcastle look worts affected if both Demba Ba and Cisse travel.