The midfielder beat team-mate Raheem Sterling and the Liverpool quartet of Trent Alexander-Arnold, Jordan Henderson, Sadio Mane and last year’s winner, Virgil van Dijk, to the 2019/20 prize.
Voted for by his fellow professionals, the prestigious award recognises De Bruyne’s sustained excellence last season, which also saw him named in the PFA's Team of the Year for the second time.
“It is a big honour,” he said at the virtual ceremony.
“To be voted by your colleagues, your competitors from other teams who we play against on the field, is amazing.
“It is maybe strange that I’m the first one at City, with all the good players who played there before and are still playing, but it is nice to represent the Club.
“I think it is [the ultimate honour] because you compete against them [fellow professionals].
“They want to win the trophies; they want to be the best. It is everybody voting, not a few players, so that means you have done really well in the season.”
Manager Pep Guardiola led the congratulations: “To win this award is an outstanding achievement, and Kevin is so deserving of it.
“To be recognised by other players is the most that any footballer can ask for, because they understand not only what it is to compete against you, but also the level of commitment it takes to play at the very top.
“There have been many great players in this club’s history, especially over the last decade working with Roberto, Manuel and myself.
"We have won many titles, but Kevin is the first to receive this prestigious award. This recognition is also a tribute to all the fantastic players who have come before him.
“We are so proud of Kevin and this will only strengthen what he means to this club and our fans. From all the players, coaches and staff at Manchester City, I would like to congratulate him.”
In what proved to be the best individual campaign of his City career, the 29-year-old was directly involved in more goals than any other player in the Premier League.
He scored 13 times – his best return in the competition - whilst his 20 assists equalled Thierry Henry’s 17-year record and saw him claim the Playmaker award for the second time.
“I think I have been playing good,” added the Belgian.
“I’m trying to be constant with good performances and to not go up and down too much.
“I think that is something that happens in the beginning of your career, but I’m a little bit older now so I’m used to what I can and can’t do.
“I’m helping my team try and win games and if you do that people will vote for you.”
De Bruyne's award topped off a successful evening for City, with David Silva also named in the men's team of the year.
Everyone at the Club congratulates Kevin on his latest accolade.