Joao Felix, who turned 20 earlier this month, has enjoyed a spectacular year starting at Portuguese club Benfica before inking a seven-year deal with Spanish club Atletico Madrid in July.
The Portuguese forward won the gong convincingly with 332 points, ahead of Borussia Dortmundās Jadon Sancho on 175 and Bayer Leverkusenās Kai Haverts on 75.
Joao Felix made his Benfica early in the 2018-19 season and rose to prominence throughout the campaign, including top displays against FC Porto and Sporting Lisbon.
The youngster made his name when he netted a hat-trick against Eintracht Frankfurt in the Europa League quarter-finals, becoming the youngest player to do so in the competition.
He netted 15 goals in the Primeira Liga, finishing fourth in the league scoring charts, and scored on the final day as Benfica clinched the title.
In July he sealed a 126 million move to Atletico, the third highest fee ever paid in football.
Since the move to the Spanish capital, he has continued to fulfil his potential, with two La Liga goals and one in the UEFA Champions League.
He becomes the second Portuguese to win the award, which was established by Italian sports newspaper Tuttosport and is voted on by major newspapers from various European countries.
Among the past winners are Wayne Rooney, Kylian Mbappe, Paul Pogba, Mario Gotze, Mario Balotelli and Lionel Messi.