Rockstar's controversial game - where players commit crime in the fictional city of Los Santos - was presented with the Game of the Year gong at a ceremony in central London.
Sony's The Last of Us also scooped two awards.
Ken Levine - the man behind Bioshock and System Shock 2 - was honoured with a lifetime achievement award.
The Golden Joysticks are the largest publicly-voted video game awards in the world, with this year more than 10 million people casting a vote.
The Lifetime Achievement is a new addition to the ceremony.
Mr Levine has been a high profile figure in the industry ever since he worked with designer Doug Church, on the first-person shooter, Thief: The Dark Project, credited with being one of the first titles to introduce the concept of stealth into video games.
"The great thing about the still-maturing nature of video games is you get to be inspired by the work of novices and veterans alike," he said.
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Full list of winners
Game of the Year: Grand Theft Auto V
Hall of Fame: Activision: Call of Duty
Lifetime Achievement: Ken Levine
Best Newcomer: The Last of Us
Most Wanted: Witcher 3: Wild Hunt
Best Indie Game: Mark of the Ninja
Best Visual Design: BioShock Infinite
Best Multiplayer: Payday 2
Best Gaming Moment: Far Cry 3 - The Definition of Insanity
Studio of the Year: Naughty Dog
Innovation of the Year: Oculus Rift
Best Storytelling: The Last of Us
Best Online Game: World of Tanks
Best Handheld Game: Assassin's Creed III: Liberation
YouTube Gamer Award: Yogscast
Best Gaming Platform: Steam
Best Mobile/Tablet Game of the Year: XCOM: Enemy Unknown
"We're all figuring out day by day exactly what the medium is capable of."
Gaming diversity
Now in its 31st year, the awards were first given out back in 1983, with the first Game of the Year award going to Jet Pac on the ZX Spectrum.
Andy Robinson, editor of Computer and Videogames, said that three decades on, the awards still "represent the voice of gamers worldwide".
"We've revamped the categories to reflect the diversity of modern gaming and also added the inaugural Lifetime Achievement award, which has made this year's ceremony the most thrilling for us yet," he said.
The Golden Joysticks are not the only big awards for the video games industry.
The British Academy of Film and Television Arts hands out its Video Game Baftas in the spring each year, although the majority of their awards are selected by a panel of experts, rather than a public vote.
Grand Theft Auto 5, released last month, quickly became the fastest selling entertainment product ever, taking just three days to generate $1bn (£620m) in revenue.
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