Mulkey has led the Lady Bears to a 35-1 record and a spot in the Final Four. Baylor finished the regular season ranked No. 1.
She was presented the award Thursday after receiving 17 of the votes from a 28-member national media panel that votes for the weekly rankings. Balloting was done before the NCAA Tournament
Wes Moore of North Carolina State and Vic Schaefer of Mississippi State each received five votes and Lisa Bluder of Iowa had one.
Mulkey also won the award in 2012, the last time the Lady Bears reached the Final Four and won the national championship.