The 25-year-old only joined the Red Devils from Sporting Lisbon in the January transfer window for £46.6m and has been United’s best player since.
The former Sampdoria midfielder’s arrival has coincided with an upturn in form that has seen Manchester United win eight of their last eleven games in all competitions and move up to fifth on the league table, three points behind Chelsea in fourth.
Fernandes has featured in five Premier League games so far, scoring two goals and providing three assists.
Fernandes saw off competition from the likes of Chelsea’s Marcos Alonso, Nick Pope, Matt Doherty, Dominic Calvert-Lewin and Pierre-Emerick Aubameyang.
After winning the award, Fernandes told the Premier League's website: "Since I was a kid, it was a dream to play for Man United, and to be there at Old Trafford is the biggest dream of my career.
"When you come to a new club you always want to score, and the first goal is special. It doesn't matter how the goal is scored, but important is the goal's worth.
"I'm happy with my start, but from now I need to give more to be better."
Fernandes becomes the first Portuguese player to win the Premier League player of the month award since Deco did so while playing for Chelsea in August 2008.
The Premier League is on hold until April 3 at least as the Coronavirus pandemic continues to spread across the globe.
