The 23-year-old has been a hit at Aston Villa since joining the club from Watford in January 2007 in a £9.65million deal.
“It is a massive achievement for me and shows how far my game has come on this season,” he told the club’s official website.
“It is voted for by my fellow professionals so it demonstrates they have been noticing what I have been doing, which gives me a tremendous lift.
“I may have won the award but it’s a team game at the end of the day. If the lads weren’t getting the ball to me, playing well and getting on the end of my crosses, I wouldn’t have won this award. The team have done brilliantly this season and they deserve a lot of credit.”
Young continued: “I had some really difficult opposition for the award – including Gabby [Agbonlahor]. He is pleased for me and if he had won, I would have been really pleased for him too.
“It’s massive for the club too – it just goes to show how far the club has come. We haven’t had just one nominee – we’ve had two and that’s tremendous.”