The 21-year-old played a key role as Liverpool ended a 30-year wait for their first league title.
Alexander-Arnold featured in all 38 of Liverpool’s league games and supplied 13 assists, second only to Manchester City’s Kevin de Bruyne.
He was also part of a Reds backline that kept 14 clean sheets and conceded 33 goals, the least in the division. Alexander-Arnold also chipped in with four goals.
The England international came out on top from an eight-man shortlist that also included Aston Villa’s Jack Grealish, Chelsea’s Christian Pulisic and Mason Mount, Dean Henderson and the Manchester United trio of Mason Greenwood, Anthony Martial and Marcus Rashford.
Alexander-Arnold is the first Liverpool player since Steven Gerrard in the 2000/2001 season to win the young player of the year award.
Manchester City’s Raheem Sterling won the award last season.
Alexander-Arnold has also been included in a seven-man shortlist that includes Jordan Henderson, Sadio Mane, Nick Pope, Jamie Vardy, Danny Ings and Kevin De Bruyne for the Player of the season award.
Alexander-Arnold has won nine caps for the England national team and featured for the Three Lions at the 2018 FIFA World Cup in Russia.