"We always dreamed this. We are speechless," Ignazio Boschetto said backstage, noting that the group is working on an album.
"We're working hard to give the best to the people. We hope the fans and more new people can enjoy the new album."
Il Voloe's Gianluca Ginoble attributed the award to all the hard work the act has put in since releasing its self-titled album in 2010.
"Five years of hard work, believing in our dream to be famous singers in the world and to give our emotion, our passion for the music -- our love for the music -- to our fans," he said.
This was Il Volo's second appearance at the Billboard Latin Music Awards. Last year, the group performed "El Triste" in a tribute to Mexican crooner Jose Jose. The performance was as surprising as it was successful, delivering some of the highest minute-by-minute ratings for the show.
One-On-One Interviews: Billboard Latin Music Conf. & Awards 2014
Red Carpet Video: Billboard Latin Music Awards 2014