The England star beat off the challenge of Chelsea's Eden Hazard, Hull City's Curtis Davies and Manchester United's Antonio Valencia.
Sterling becomes the first City player other than Sergio Aguero to win the monthly award since David Silva in 2011 - Aguero has won all four awards since then.
It's Raheem's first EA SPORTS award and is a fitting reward following an excellent start to the campaign with the combined votes coming from a panel of experts, Premier League captains.
“I’m absolutely delighted to have won the EA Sports Premier League Player of the Month Award for August,” Sterling said.
“As a club we’ve had a fantastic start to the Premier League season and to be recognised individually in this way is very pleasing. To receive personal awards is great, but it really is all about the team.
“We’re only just at the beginning of the campaign and there is a long way to go, but I only hope that this is a sign of things to come and by the end of the season the team will be getting our hands on some silverware."