The 22-year-old has won the award for the second year in a row, joining the likes of Ryan Giggs, Dele Alli, Wayne Rooney and Robbie Fowler as the only ones to win in successive seasons.
Foden beat Reece James, Conor Gallagher, Bukayo Saka, Emile Smith-Rowe and Jacob Ramsey to claim the award.
The England international scored nine goals and provided five assists as Manchester City won the Premier League title for the second straight season.
"I'm really honoured to be honest, especially to win it back to back. It shows that I've come a long way this year with the consistency of my game, and I'm really pleased to win it again," Foden said after receiving his award.
"All the best players in the world have got to show consistency and keep performing at the highest level, and this year I've just tried to do that and try and help my team as much as possible - I've been really happy with my performances this year.
"Hopefully I can win the main award in the future, but it's all about taking small steps and improving. I always love winning individual awards, it's just nice to look at and see how far you've come so, yeah, I'm really pleased."
Foden also won the Premier League's young player of the year award in May.
