Alexander-Arnold’s triumph means a Liverpool player has won the award for a second consecutive time after Mohamed Salah claimed it in October.
The 23-year-old England international came out on top in a six-man shortlist that included Liverpool teammate Diogo Jota, Bernardo Silva, John McGinn, Joao Cancelo and Emmanuel Dennis.
Alexander-Arnold supplied four assists during the month and also found the back of the net once with a sublime free kick against West Ham United while helping Liverpool keep two clean sheets.
This is the second time Alexander-Arnold has been voted player of the month, with his first honour coming in December 2019.
Guardiola also claimed last month’s prize for the 10th time in his career, beating Jurgen Klopp and Steven Gerrard, who were also shortlisted.
The former Bayern Munich and Barcelona manager led Manchester City to victories over Manchester United, Everton and West Ham United.
Only Sir Alex Ferguson (27) and Arsene Wenger (15) have claimed the manager of the month award on more occasions than Guardiola, who is level with David Moyes.