The ceremony, in association with World of Tanks, was held at London's IndigO2 and Of Mice and Men and Avenged Sevenfold were also among the acts who took home big awards.
Death metal band Behemoth opened the show and Steel Panther also performed a mind-blowing set.
The 2014 best band awards, as voted for by the readers of Metal Hammer magazine, included Best UK, Best International and Global Metal Act, which were won by Iron Maiden, Avenged Sevenfold and Orphaned Land.
Metal Hammer editor Alexander Milas said: ''Heavy metal's been around for over 40 years, and as this year's winners prove, it remains as vibrant as ever.
''From world-beating prog metal visionaries Opeth to a genuine guitar hero like Michael Schenker, to absolute legends Hanoi Rocks who first married the words 'glam' and 'metal' and inspired a movement, to Orphaned Land, whose integrity as artists and spokespeople for the power of metal to unite people genuinely blew us all away tonight, this was a night for the history books.
''Add to that a genuine screen legend like David Prowse, and you might even say the Force was strong with this one.''
The award winners:
Best New Band - Devil You Know
Dimebag Darrell 'Shredder' - Misha Mansoor of Periphery
Breakthrough Artist - Of Mice & Men
Best Underground Band - Wardruna
Best UK Band - Iron Maiden
Best Live Band - Killswitch Engage
Best International Band - Avenged Sevenfold
Global Metal Act - Orphaned Land and Khalas
Riff Lord - Mark Tremonti
King of the Internet - Devin Townsend
Inspiration - Hanoi Rocks
Album of the Year - 'The Satanist' - Behemoth
Icon - Michael Schenker
Spirit of Hammer - Darth Vader - Dave Prowse
The Golden God - Mikael Åkerfeldt
Game of the Year - Grand Theft Auto V
Video of the Year - 'Party Like It's The End Of The World' - Steel Panther
James Corden’s Carpool Karaoke is becoming quite popular and celebrities appear...
New research suggests that The Beatles are worth roughly £82 million per year...
Matt Damon returns in a new Bourne sequel.
More developments in the potential celebrity romance we desperately want to refer...
A besotted man who bombarded ‘The One Show’ presenter Alex Jones...