Fernandes, 25, becomes the seventh player in history to win back-to-back awards alongside Portugal teammate Cristiano Ronaldo, Mohamed Salah, Jamie Vardy, Harry Kane, Dennis Bergkamp and Robbie Fowler.
Since moving to United in January, Fernandes has yet to lose a competitive match at United and helped the club to a 16-match unbeaten run in all competitions.
"I think Bruno has come into the club and seen how many good players there are at Man United," Ole Gunnar Solskjaer said on Wednesday.
"We've helped him show his attributes as well. I think it's just been a good, little relationship blossoming that he can also feel that we're going to help him improve.
"Definitely Bruno has come in and lifted everyone else as well, and it's been a very good start so far."
Fernandes will be back in league action when United host Southampton on Monday.