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BFO conductor Iván Fischer said he was thrilled to receive the award, considered to be the "Oscars" of the classical music world.
It is the second Classic FM Gramophone award the orchestra has received.
Singing on the Mahler recording, published by Channel Classics, are Lisa Milne (soprano), Birgit Remmert (alto) and the Hungarian Radio Choir.
The BFO won a Classic FM Gramophone award in 1998 for a recording of Béla Bartók's The Miraculous Mandarin.
Fischer noted that, while Hungarians are considered to be the best interpreters of Bartók's works, orchestras all over the world have made fine recordings of Mahler, which makes the award on Wednesday special.
Classic FM Gramophone named Julia Fischer, a young pianist from Munich, Artist of the Year at the ceremony. The Lifetime Achievement Award went to Montserrat Caballe.
Source: Hungarian News Agency (MTI)
For further information, visit www.classicfm.co.uk/article.asp?id=487199
