While several Brisbane teammates had claims on being best afield as they easily beat Geelong in Saturday's grand final, Ashcroft was the comfortable winner.
He polled 13 out of a possible 15 votes to finish seven clear of Lions co-captain Harris Andrews.
Ashcroft joins Adelaide great Andrew McLeod in 1997-98 and Richmond big-game specialist Dustin Martin in 2019-20 as the only players to win back-to-back Norm Smiths.
No other winner of the medal, first awarded in 1979, had a brother as a teammate - until Saturday.
Will and Levi are the sons of three-time Brisbane premiership great Marcus. Levi joined his older brother this season as father-son recruits at the Lions.
Ashcroft said he was "more shocked" to win last year, given he had not resumed from a knee reconstruction until late in the season.
"I was just grateful to be playing finals, really. To have that moment was amazing," he said.
"But then this year, to build and have Levi at the club all the way through, it was probably a bit more emotional for the family.
"I can't wait to try to do it again."
Lions coach Chris Fagan and Geelong counterpart Chris Scott - who played alongside Marcus - paid tribute to the Ashcroft family.
Scott hugged the Ashcrofts on the field post-game.
"Levi this time last year was talking about how good it would be to play in a premiership with Will. A year later, he did it," Fagan said.
"That's pretty cool for the Ashcroft family, I'd say."
As gutted as he was about the loss, Scott was rapt for the Ashcrofts.
"I don't need to be biased, but I am, because I love Will and have done his whole life," Scott said.
"It is possible to be bitterly disappointed - even more than that ... but still at the same time be proud of Will and Levi and the Lions in particular.''
As he did in last year's decider, Ashcroft was enormous throughout in the midfield on Saturday.
But any of co-captain Andrews, fellow defender Dayne Zorko, onballer Hugh McCluggage or four-goal forward Charlie Cameron had legitimate claims.
Ashcroft racked up a team-high 32 possessions, 12 of them contested, and had 10 clearances as he worked ferociously in the engine room.
His defensive pressure was also outstanding - Ashcroft laid a game-high eight tackles.
He capped his outstanding game with a goal as the Lions ran riot in the last quarter to win by 47 points.
Ashcroft's story is well-told - he missed the 2023 grand final loss to Collingwood with a knee reconstruction.
He returned in round 17 last season and has not missed a beat since, storming through the finals series to dominate in last year's grand final thumping of Sydney.
"For me, it's always been about getting the opportunity to play in finals, big finals, grand finals and then win - and to contribute, heavily, that's the way I want to have my legacy, I guess," Ashcroft said.
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