Rooney, who has twice won the Young Player of the Year award, was hot favourite to take the honour voted for by his playing colleagues after scoring 26 goals in 30 Premier League appearances so far this season.
The 24-year-old succeeds United team-mate Ryan Giggs in claiming the award and he was handed the honour ahead of Chelsea's Didier Drogba, Arsenal captain Cesc Fabregas and Carlos Tevez of Manchester City.
"It's a great feeling to win the Player of the Year award because it's voted for by the players," said Rooney.
"It's something I'm really proud of and it's a great honour.
"I remember coming here in 2005 and 2006 to win the Young Player of the Year.
"I saw the players winning the main one and it's something I've aimed for since."
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