The prize is voted on by journalists from across the world, with Italian newspaper, Tuttosport, confirming the winner on Monday.
Mbappe, who has scored four goals and provided four assists in 11 games for the Ligue 1 club this season, burst onto the world stage with Monaco last season.
The 18-year-old, who has already won eight France caps, is currently on loan at Parc des Princes, and will officially join the club on a permanent basis next season, for a fee of €180 million.
Mbappe won the award ahead of Manchester City’s Gabriel Jesus, Barcelona’s Ousmane Dembele and Milan’s Gianluigi Donnarumma.
He joins a list of illustrious previous winners, including Lionel Messi, Paul Pogba and Isco.