Footballer Theerathon Bunmathan received the best professional athlete award, while Sunthorn Saeng-ngoen (Khiewpayak Mor Rattana Bundit) was the best Muay Thai fighter.
Yesterday's award ceremony took place at Indoor Stadium Hua Mark and was presided over by Minister of Tourism and Sports Phiphat Ratchakitprakarn.
The annual event is held in honour of His Majesty King Bhumibol Adulyadej The Great, who won a gold medal in sailing at the Southeast Asian Peninsular (SEAP) Games, now known as the Southeast Asian (SEA) Games, on Dec 16, 1967.
Dec 16 has since become the country's National Sports Day.
Kantaphon, 21, is one of Thailand's fastest rising shuttlers.
The Bangkok-born player won bronze at this year's world championships to become the first male player from the Kingdom to get a medal in a singles category at the tournament.
Kantaphon also helped the Thai men's team finish third at the Sudirman Cup and the SEA Games.
He beat jet skier Supak Settura and pencak silat fighter Adilan Chemeng for the SAT's award.
Panipak, 22, is considered the top taekwondo exponent in the world in the women's 49kg division.
This year she won at the world championships and the SEA Games among other tournaments.
Panipak was a bronze medallist at the 2016 Rio Olympics and is targeting gold at the 2020 Tokyo Games.
Nicknamed Tennis, Panipak was selected for the SAT's award ahead of Waratthanun Sukritthanes (snooker) and Jutathip Maneephan (cycling).
Thailand defender Theerathon became the first Thai player to win the J-League championship when Yokohama F Marinos claimed the title earlier this month.
Theerathon achieved the feat while on loan from Thai club Muang Thong United and it is unclear if the Kirins will sell him to the Japanese champions.
Theerathon defeated snooker star Thepchaiya Un-nooh for the professional athlete award.
The best male and female youth awards went to Kunlavut Vitidsarn (badminton) and Atthaya Thitikul (golf) respectively.
The best male and female disabled athletes were Prawat Wahoram (wheelchair racing) and Kwansuda Puangkijja (taekwondo).
Tessana Phanvisavas (badminton) was the best coach in amateur sports, China's Li Xiaole (cycling) was named the best foreign coach and Thawatchai Dumrong-ongtrakul was the best coach for professional athletes.
The Taekwondo Association of Thailand, led by Pimol Srivikorn, received the best association award.
In all, 326 awards were given at yesterday's ceremony.