It is the first time the 21-year-old has won the award.
Saka emerged victorious among a six-man shortlist that included teammate Leandro Trossard, Liverpool’s Mohamed Salah, Newcastle forward Alexander Isak, Brighton and Hove Albion’s FIFA World Cup winner Alexis Mac Allister and Aston Villa’s Tyrone Mings.
Saka played four times for Arsenal in March and produced five goal involvements. Only Salah matched Saka’s five goal involvements this month.
The England international’s goal tally included a brace against Crystal Palace.
Saka has now scored 12 Premier League goals and produced 10 assists in 28 appearances this season.
In more good news for Arsenal, manager Mikel Arteta beat Roberto De Zerbi, Pep Guardiola and Unai Emery to be named manager of the month.
Table-topping Arsenal return to top fight action this weekend when they take on Leeds United.
The Gunners are eight points clear of Manchester City with ten games to go.
Arteta will be hoping Saka and company fire again when they face Javi Gracia’s struggling side at the Emirates Stadium.
