The 25-year-old WA product was locked in a battle with Mercedes teammates Nico Rosberg, who leads the championship, and Lewis Hamilton, before a series of daring passes had him take the lead with three laps to go.
The Red Bull Racing-Renault dynamo remains the only non-Mercedes driver to win a race in 2014 after his maiden triumph at the Canadian Grand Prix in June.
Sunday’s victory at Hungaroring in Mogyorod, near Budapest, has Ricciardo in third place with 131 points on the championship table, trailing Hamilton (191) and Rosberg (202).
Speaking with media after the race, he declared the triumph felt just as good as his first one.
‘Obviously the first victory is special but it definitely leaves you wanting more,’ he said.
‘I was just as hungry for this second one and it feels just as good; I won’t say better but you realise it a bit more, so it feels like you can enjoy it a bit more.
‘And when I crossed the line, everything felt a bit more real, so I guess I took in a bit more of this one.’
The drivers now split for the summer break, returning to the track on August 24 for the Belgian Grand Prix.
Ricciardo said he would enjoy the time off, then continue to build on his early success.