Foden scored nine goals and providing five assists across 28 appearances in the top flight and came out on top in a six-man shortlist that included Trent Alexander-Arnold, Bukayo Saka, Mason Mount, Mason Greenwood and Declan Rice.
"I'm really honoured," Foden said of his PFA win.
"There have been some great players in the past who have won it, and I feel so lucky because there have been so many great young talents this year.
"I'm feeling really happy to win it and it's a special moment. I would like to thank my parents, all of the coaches and the players as well, because without them creating chances for me, I wouldn't score, and maybe I wouldn't win the awards.
"Without them, it wouldn't have been possible."
Foden was also nominated in the main PFA Player of the Year category but lost out to teammate Kevin De Bruyne.
The England international also won the Premier League’s young player of the year honour.
Foden has been included in the England squad for this summer’s European championship which begins on Friday.
