He edged out Sadio Mane of Liverpool in a keen contest Monday having won the highest votes from footballing fans all over the world.
The voting started with five contenders but three, Pierre-Emerick Aubameyang of Borussia Dortmund, Yaya Toure of Manchester City and Andre Ayew of West Ham were eliminated while Mahrez and Mane remained.
Mahrez played a key role in Leicester City pulling off one of the great modern fairy tales in football by winning the Premier League title last year.
He was also named as the PFA player of the year.
NAN reports that Leicester boss, Claudio Ranieri, was on hand at the BBC Studio in London to give the award to Algeria’s Mahrez.
Winger Mahrez, 25, after receiving the award said: “It means a lot, it’s something big for African players so I am very happy, I am very proud.
“It’s always good to receive awards and for African players it’s a huge honour. To all the fans, thank you very much.
“Also I want to thank the Algeria fans and dedicate this to them as well and for my family.
“I just have to carry on and keep going with my football and see what I can do.”
Of all the five players in the final, Mahrez was the only player not to have been nominated before.
Story by Oputah David