The 48-year-old led the Clarets through an unbeaten month, winning two and drawing two of their four league games.
Burnley have moved up to 10th on the league table as a result and are just four points behind Wolverhampton Wanderers in 6th.
Dyche won the award ahead of fellow nominees Mikel Arteta, Ole Gunnar Solskjaer and Chris Wilder.
This is the second time Dyche has won the manager of the month award, having also done so in March 2018.
'It's important to mention it's a collective award. I'm very pleased for all concerned,' said Dyche.
'You can't achieve anything as a manager without your staff and you definitely can't without the players. The players deserve a massive amount of credit.
'It's only for February but since the middle of January, when we started to turn things around, we've had big results against big teams.
'You always get a bit greedy and there were probably a couple of points left out there, whether it was the Arsenal game or the Tottenham game.
'I think we could have won either of them, but there's been a lot of good work done by the players and my staff.
'It is a bit of cliché to recognise everyone, but it's true. Without the whole team – the playing team and the team behind the team – you don't win anything.'
Dyche becomes only the third manager to win the award this season after Frank Lampard in October, and Liverpool manager Jurgen Klopp, who has won it an incredible five times.
