The 21-year-old enhanced his reputation as one of England’s best emerging talents in the just ended season, scoring nine goals and providing five assists across 28 appearances in the top flight.
Foden emerged victorious in an eight-man shortlist that included Marcus Rashford, Ruben Dias, Bukayo Saka, Illan Meslier, Dominic Calvert-Lewin, Mason Mount and Declan Rice.
A Premier League statement read: "The 21-year-old starred as Manchester City won the title for a third time in four seasons.
"One of his standout performances came in the 4-1 victory at 2019-20 champions Liverpool, when he scored one goal and set up another.
"Foden is only the second player to receive the accolade, following in the footsteps of inaugural recipient Trent Alexander-Arnold.
"To be eligible for the prize, players had to be aged 23 or under at the start of the 2020/21 campaign.
"The midfielder topped an eight-player shortlist, having won the most combined votes from the public and a Premier League panel.
"He becomes Man City's fourth 2020/21 season awards winner. Ruben Dias and Guardiola were today confirmed as the EA SPORTS Player and Barclays Manager of the Season respectively, while Liam Delap was named PL2 Player of the Season."
Foden has been included in the England squad for this summer’s European championship which begins next week.
