This is an abbreviation for Most Valuable Player and is an award given to an individual player for their outstanding achievements during the season. In Major League Baseball, both the American League and National League award an MVP for the regular season. There is also a World Series MVP awarded to a player on the championship team. The regular season MVP is voted on by journalists who belong to the Baseball Writers Association of America (BBWAA). Voting takes places at the conclusion of the regular season, and winners are announced after the World Series. The first MVP awards handed out after voting by the BBWAA in 1931.
The definition of what, "most valuable" means is left up to those who vote. The voting is limited to two writers in each major league city. The MVP is a very prestigious award; it is named the Kennesaw Mountain Landis Memorial Baseball Award, the first commissioner of Major League Baseball. The current record holder for most MVP's is Barry Bonds, with seven.