The City midfielder registered 20 assists, thereby equalling Thierry Henry's Premier League record for most assists in a single season (2002/03).
Notably, De Bruyne had won the Playmaker award for the same last month.
The 29-year-old also scored 13 goals in the season.
De Bruyne is the third Belgian in the past nine seasons to win the award after former team-mate Vincent Kompany (2011/12) and Chelsea winger Eden Hazard (2014/15).
Notably, he saw off competition from six other players to win the award.
Others on the nomination list included Trent Alexander-Arnold, Jordan Henderson, Danny Ings, Sadio Mane, Nick Pope, and Jamie Vardy.
De Bruyne finished the Premier League season with 13 goals, fourth highest from Manchester City.
The Belgium international matched Thierry Henry's assists record when he set up Raheem Sterling to put City 3-0 ahead against Norwich on the final day of the season.
As a result, De Bruyne claimed his second Premier League Playmaker of the Season award in three years (one in 2017/18).
While Liverpool boss Jurgen Klopp was named the Premier League Manager of the Season, Trent Alexander-Arnold won the Young Player of the Season award. Meanwhile, Son Heung-min clinched Goal of the Season award with Curtis Jones being named the PL 2 Player of the Season.
De Bruyne featured on 48 occasions for Manchester City in all competitions during the 2019/20 season, having scored 16 times and set up another 23.
Overall, he has represented City across five campaigns. He owns 57 goals and 89 assists in 222 appearances for the club.
However, his contribution couldn't avoid City's humiliating (1-3) defeat to Lyon in the recently concluded Champions League quarter-final.
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