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The world number one prevailed 6-2 6-3 this afternoon as he secured his 20th Masters crown, having not dropped a single set in this year's tournament.
Raonic, who would have moved into the world's top five with victory over his opponent, lost serve in the second game of the first set which allowed Djokovic to take control from the off.
After breaking Raonic once more to wrap up the opener, the Serbian made equally light work of the second, keeping his focus to win the match in style and become the first player to win the tournament in successive years.
Djokovic has now won six titles this year, leaving him in a strong position to fend off Rodger Federer for top spot in the end-of-year rankings.