Man City's Spanish playmaker takes the accolade ahead of Norwich’s Todd Cantwell, Blackburn’s Connor Mahoney, West Ham’s Domingos Quina and Stoke’s Thibaud Verlinden.
He becomes the first Manchester City player to win the trophy since Simon Davies became Lead Coach in December 2015.
Speaking after receiving the trophy, Fernandes said: “October couldn’t have gone much better. In the three games the whole team did really well and we won all of them which is the most important thing.
“It’s great to be recognised by people in the game and it inspires me to keep working hard to make the difference for the team.”
Fernandes’ first goal of the month came in the 2-1 victory at Tottenham Hotspur, as he rifled a left-footed effort across the goalkeeper and in the opposite corner.
However, the Man City midfielder insists this is only the start of the hard work this season and that the team must keep racking up the points, starting with the trip to Everton on Sunday.
“I want to win the league this year and so do the rest of the team. To do that we have stay concentrated and keep winning matches,” he said.
After Everton, City’s Premier League 2 team welcome Chelsea to the Academy Stadium on the 26 November. Visit the ticket office for information on how you can support our future.