Mr King earned an annual bonus of almost £1 million after the UK's third-biggest supermarket grew underlying profits 6.2% to £756 million in the year to mid-March.
Its long-standing chief executive also received a £940,000 salary, deferred shares worth £975,000, long-term share incentives of more than £1 million and £313,000 in pay and other benefits.
Sainsbury's annual report also showed commercial director Mike Coupe's total pay surged 24% to £2.2 million, while finance director John Rogers' remuneration climbed 26% to £1.7 million.
The grocer's soaring pay is in stark contrast with ailing rivals Tesco and Morrisons, which axed directors' bonuses amid slumping profits.
Sainsbury's said it outperformed competitors last year after achieving a 16.8% market share, its highest for a decade. It was the only one of the big four supermarkets to grow market share during the year.
Mr King's salary will rise by 2.1% to £960,000 this year, while his employees will see their pay rise by around 2.2%.
Mr King has turned around the supermarket since joining in March 2004 and was recently forced to deny he is planning to quit.
Mary Harris, chairwoman of Sainsbury's remuneration committee, said the retailer is "extremely mindful of the economic and political environment regarding executive remuneration and exercises appropriate judgment to ensure that rewards are reflective of underlying performance".