Bellingham has scored an impressive 13 goals in just 14 games for Real Madrid since joining the Spanish giants from Borussia Dortmund in the summer.
The Birmingham native is the first English player to pick up the award since Raheem Sterling (28) in 2014.
Colombia and Real Madrid forward Linda Caicedo (18) - a star of the recent Women's World Cup - won the Golden Girl award.
Bellingham also earned recognition as the top under-21 footballer at this year's Ballon d'Or ceremony.
"I'd like to thank everyone who has been part of my journey so far at Birmingham, Dortmund and now Madrid. It wouldn't be possible without them," Bellingham said at the glitzy event in October.
Other notable past winners of the award include Wayne Rooney (38), Lionel Messi (36), Kylian Mbappe (24) and Erling Haaland (22).
The latter picked up this year's Golden Player Man award after his first season in the Premier League with Manchester City saw a return of 52 goals in 53 appearances.
Barcelona and Spain midfielder Aitana Bonmati (25) received the Golden Player Woman award, adding to her freshly minted Ballon d'Or.
