In 2012, Spanoulis won both the 2012 EuroLeague and Greek Basket League championships. He was also named to the All-EuroLeague First Team, and won the EuroLeague Final Four MVP, for the second time in his career. He became the fourth player to win the award multiple times. Furthermore, he once again led the Greek League in assists. He was also named the Greek Basket League MVP, and the Greek Basket League Finals MVP. Finally, Spanoulis was named the All-Europe Player of the Year in 2012.