At the ceremony in London, Lord Sugar was the guest of honour and was handed the 'Outstanding Contribution to Technology Award' by Carphone Warehouse co-founder Sir Charles Dunstone.
Previous recipients of the accolade have included Sir David Attenborough, iPod creator Jon Rubinstein and Nintendo's Shigeru Miyamoto.
Sugar, the star of BBC One's reality programme The Apprentice, founded Amstrad (a contraction of Alan Michael Sugar Trading) in the 1960s, and went on to make a fortune in consumer electronics and computing.
Amstrad designed and made the first satellite dish for pay-TV giant Sky and Sugar was knighted for service to business in 2000, and appointed to the House of Lords in 2009 as the then government's Enterprise Tsar.
Most recently, he has acted as chairman of the BBC-backed Freeview set top box venture YouView, and helped guide the troubled project to market.
"I have been fortunate enough to receive a few honours and awards over the years, but this one is special and I am proud to accept it," he said.
"When I look back at my career achievements since starting Amstrad in 1967 - from making hifi units, computers and the first Sky satellite dishes, to bringing YouView to market this year - the one thing that has kept me motivated is that I am a real tech geek at heart.
"Since I was a child, I've always wanted to crack something open, get my hands in there and understand how it works, be it a stereo, computer processor or a set top box. I'd like to thank T3 and the award judges for recognising the contribution I have made to the industry."
Elsewhere, ASUS was the biggest winner of the night, taking home five awards including the most prestigious one, 'Gadget of the Year', for the Google Nexus 7 By ASUS, which also won 'Tablet of the Year' ahead of Apple's new iPad.
ASUS also picked up 'Tech Brand of the Year', while its Eee Pad Transformer Prime won the 'T3 Design Award' and the Zenbook UX31 won 'Computer of the Year'.
Despite being nominated in nine and ten categories respectively, Apple and Samsung were only triumphant in one each.
Samsung's Galaxy S3 smartphone secured the coveted 'Phone of the Year' accolade ahead of Apple's iPhone 4S, but the latter device was celebrated as 'Work Gadget of the Year'.
Amazon was named 'Retailer of the Year' and its Kindle 4 scooped 'Commuter Gadget of the Year'.
Sony's PS Vita handheld grabbed the 'Gaming Gadget of the Year' prize, while the Raspberry Pi - a cheap credit card-sized computer created to teach people about programming - was named 'Innovation of the Year'.
T3 editor Luke Peters said: "The awards were another astounding success. This year saw more closely contested categories than ever, with our judges deliberating in great depth to decide the eventual winners. The public vote also played a crucial role.
"The tech industry has never been more exciting and the multitude of winning brands demonstrate how much quality buying choice there is now."
The T3 Gadget Awards 2012 winners in full were:
Innovation Of The Year - Raspberry Pi
Gaming Gadget Of The Year - Sony PS Vita
Gadget Accessory Of The Year - Nike Fuelband
App Of The Year - Zeebox
Retailer Of The Year - Amazon
Tech Personality Of The Year - Rory Cellan-Jones
Digital Media Service Of The Year - Sky Go
T3 Design Award - ASUS Eee Pad Transformer Prime
Commuter Gadget Of The Year - Amazon Kindle 4
TV Of The Year - Sony Bravia KDL-55HX853
Digital Camera Of The Year - Panasonic Lumix DMC-GX1
Work Gadget Of The Year - Apple iPhone 4S
Home Gadget Of The Year - Nest Smart Thermostat
Computer Of The Year - ASUS Zenbook UX31
Music Gadget Of The Year - Bowers & Wilkins P3
Tablet Of The Year - Google Nexus 7 By ASUS
Tech Brand Of The Year - ASUS
Outstand Contribution To Tech - Lord Sugar
Phone Of The Year - Samsung Galaxy S3
Gadget Of The Year - Google Nexus 7 By ASUS