The dual premiership Hawk finished narrowly in front of youngster Billy Hartung, while ruckman Ben McEvoy came in third.
Smith and Hartung were neck and neck throughout the run before sprinting to the finish line where Smith edged out the first-year Hawk.
After the time trial, the dynamic wingman said despite his victory, he was impressed with the performance of teammate Hartung.
“Billy and I ran together most of the way,” Smith told hawthornfc.com.au “He’s looking fit and I reckon he’s in for a pretty big year in 2015.”
Despite having just returned from the off-season break, Smith said he’s done a fair bit of training since winning the 2014 premiership, which helped him record another time trial win.
“I was in the States but I was still doing a fair bit of running and hitting the gym,” he said.
“The best thing about it is you can adapt a bit and do some sports and activities you enjoy a bit more that you probably don’t get to do during the year.”
Second-place finisher Hartung was happy with his run but is already eyeing off knocking Smith off his perch when the players return from Christmas break.
“It was a pretty good run from myself and Issie,” he said.
“There has been a little bit of banter leading up to this, even from last year’s runs because he’s only got me by a couple of seconds each time.
“I’m getting a little bit closer each time, so hopefully after Christmas I’ll be in front of him.”
Ruckman McEvoy, who recorded his first third-place finish at the Hawks was happy with his performance.
Already an elite runner despite his size, the premiership Hawk says he’s continuing to work on his endurance.
“I felt pretty good today – I got a good result so I was happy with how I ran,” he said.
“I think it (my endurance) has improved. I was in good shape last year but I think I’m running better again.
“That’s what the game demands, you just have to keep improving all the time.”
Check out the best photos below from Wednesday’s time trial at the Ricoh Centre, Waverley Park.
Vice-captain Jordan Lewis stretches before the time trial.
On your marks....get set....GO! 2km time trial time #brownandgold #gohawks pic.twitter.com/tvmIpF9Lms
— Hawthorn FC (@HawthornFC) December 2, 2014
Isaac Smith and Billy Hartung lead the pack early on.
Ben McEvoy looked pretty comfortable throughout.
Liam Shiels leads Ben Stratton and Jack Gunston.
Jonathan Simpkin in action.
Angus Litherland checks his time as he completes another lap.
Cyril Rioli was looking fairly composed.
Even some of the coaches were getting involved! Box Hill Coach Marco Bello, Assistant Coaches Cameron Bruce and Brendon Bolton and Senior Coach Alastair Clarkson run laps.
And the leaders have made the breakaway!
Alex Woodward and Stratton run side by side.
McEvoy nears the end as he impresses with his effort.
Finally it's over! Angus Litherland catches his breath.
As does James Frawley.
Cyril Rioli offers some words of encouragement to draftee Teia Miles at the finish line.
