The award is scant consolation for Bellingham after Borussia Dortmund missed out on the title to Bayern Munich on the last day of the season.
Bellingham has had another outstanding season at the Signal Iduna Park and has been linked with a move to Real Madrid this summer.
The 19-year-old made 31 appearances in the German top flight for Dortmund, scoring eight goals and providing four assists.
"Every year that I've played at the club my responsibility has increased," said Bellingham.
"I have to continue to be everywhere on the pitch and try my best to contribute going forwards and backwards and try and control games and dominate the midfield.
"My team-mates, the coaches and the staff have helped me to develop. I came to the club as a talented lad but I have added elements to my game that have taken it to the next level and I think that's down to them, mainly."
Bellingham was named as one of Dortmund's vice captains in the course of the season.
