Allen took the best editor award and Douglas the best designer prize for business magazines at the Periodical Publishing Awards, the most prestigious event in publishing.
The pair, who were instrumental in masterminding the AJ's redesign in June last year, saw off strong competition from such magazines as Property Weekand Design Week.
AJ publisher Jonathan Stock was shortlisted for best business magazine publisher and the magazine as a whole was up for the best business magazine prize.
The judges' citation described the victorious Allen as a 'visionary' who had 'clearly got her team behind her'.
And Douglas and the redesign also came in for high praise. '[The design] is clean and simple letting the pictures do the talking,' the judges said. 'Douglas is an innovator and a creator of a most aspirational title.'
Speaking after the event, Stock said he was delighted with the success. 'This is testament to a dynamic team that has taken risks - risks that are clearly now paying off,' he said.