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Wman1996 said:

Well to The Game Awards it seems to mean the best game released from around November 20 to November 20 the next year even if the calendar year doesn't line up. I find that irritating.
The Academy Awards gets it right with January 1 through December 31 which is why their ceremonies are in February or March.
It may vary based on different awards shows or individuals, but for many it simply means the best game released in a year.
Right now, for me, that would either be Mario Kart World or Donkey Bananza (once I finish the final boss).

Hear, hear. The Game Awards show has a bunch of problems, but its most glaring is that it doesn't even bother to cover the entire calendar year. But, alas, the event exists to sell the industry as much as it does to honor it, and taking place before Christmas makes a lot more financial sense.