The 41-year-old guided Chelsea to three straight wins that has seen them rise up the table to fourth place, six points clear of their nearest challengers, Arsenal.
Lampard saw off competition from Liverpool manager Jurgen Klopp, who won the award for the first two months of the season, Leicester’s Brendan Rodgers, Dean Smith of Aston Villa and Brighton’s Graham Potter.
Chelsea beat Southampton 4-1 away to kick-start the month and followed that up with a narrow 1-0 victory at home to Newcastle United before earning an impressive 4-2 victory at Burnley to round up the month.
Lampard has earned rave reviews for impressing with a Chelsea side that has not been augmented because of a two-window transfer ban, losing their best player in Eden Hazard and relying on youth as a way forward.
"Winning an individual award like this, my first one at the club, it is the perfect time to appreciate the close staff who have worked so hard since pre-season and the players, as they are the ones who go out and perform. I am delighted for everybody," Lampard told Chelsea's official website.
"I would probably say out of the Premier League games we played in October, the one away against Burnley was the highlight because of the way we were so dominant in our performance and Burnley is a very tough place to go. People may have questioned the fact that we are a young team and with the physical nature of the challenge, but we responded very well and played some really good football.
"It was a tight turnaround after a big performance physically for the lads at Ajax and with the travel back. To go up to Burnley at any time is difficult but we managed the game really well."
Chelsea will host Crystal Palace in the early kick-off game on Saturday before the international break.
