The Sheffield rockers took home three prizes, including Best British Band, Best Track for 'Fluorescent Adolescent' and Best Video for 'Teddy Picker' at the prestigious ceremony at London's O2 arena.
It is the third consecutive year the band has walked away with a trio of accolades.
Unfortunately, frontman Alex Turner's night took a turn for the worse when his TV presenter girlfriend Alexa Chung was sick all over him backstage just before he was due to collect one of his gongs.
The other big awards of the night went to The Killers who took home Best International Group, The Enemy who claimed Best New Band and Muse who were named Best Live Band.
'Foundations' singer Kate Nash scooped Best Solo Artist, while Klaxons won Best Album for 'Myths Of The Near Future'.
Elsewhere, the music magazine's readers voted troubled Babyshambles frontman Pete Doherty their Hero Of The Year.
Winners of the night's unwanted prizes included Amy Winehouse, who was named Worst Dressed, while Britney Spears' album 'Blackout' took Worst Album and The Hoosiers 'won' the dubious title of Worst Band.
The evening featured performances from Klaxons, Bloc Party, Kaiser Chiefs, Kate Nash, and The Cribs, who teamed up with former Smiths guitarist Johnny Marr.
The ceremony was brought to a close with a storming set by Welsh rockers Manic Street Preachers, who were earlier crowned Godlike Geniuses.
Shockwaves NME Awards 2008 - full list of winner:
Best British Band: Arctic Monkeys
Best International Band: The Killers
Best Solo Artist: Kate Nash
Best New Band: The Enemy
Best Live Band: Muse
Best Album: Klaxons - 'Myths Of The Near Future'
Best Track: Arctic Monkeys - 'Fluorescent Adolescent'
Best Video: Arctic Monkeys - 'Teddy Picker'
Best Music DVD: Nirvana - 'Unplugged In New York'
Best Live Event: Carling Weekend: Reading And Leeds Festivals
Best TV Show: 'The Mighty Boosh'
Best Radio Show: Zane Lowe (Radio 1)
Best Film: 'Control'
Best Website: Facebook
Best Venue: Wembley Stadium
Hero Of The Year: Pete Doherty
Villain Of The Year: George Bush
Best Dressed: Noel Fielding
Worst Dressed: Amy Winehouse
Worst Album: Britney Spears 'Blackout'
Worst Band: 'The Hoosiers'
Sexiest Man: Noel Fielding
Sexiest Woman: Kylie Minogue
Godlike Genius: Manic Street Preachers
Philip Hall Radar Award: Glasvegas
John Peel Award for Musical Innovation: Radiohead
Best Dancefloor Filler: The Wombats - 'Let's Dance to Joy Division'
Best Album Artwork: The Good The Bad And The Queen - 'The Good The Bad And The Queen'
Best Band Blog: Radiohead (www.radiohead.com/deadairspace)
Best Music Blog: The Modern Age (www.themodernage.org)
TAGS: Music Arctic MonkeysShockwaves NME Awards 2008