The month was a successful one for the 20-year-old, who netted four goals in as many games in the Championship, with his superb form earning him a first senior England call-up and appearance in the international friendly against Sweden in November.
The youngster, who can play up front or on the wing, has been a key member of the south London side since his debut in 2010 and was named both the Eagles' and the Championship's Young Player of the Year last season.
The starlet, who has been linked with top teams such as Manchester United and Arsenal, was over the moon to have won the award, saying: "I'm delighted and honoured to win this award because I had a great October.
|LAST WILF AND TESTAMENT|
|7/1||Wilfried Zaha is 7/1 with Bet365 to score the last goal in Leeds v Crystal Palace|
"It was also a great moment for me to be [with England] with all the top players. It was great to be with them and a great experience for me."
"It's fantastic," added Palace boss Ian Holloway. "He's a joy to watch, to be with and to work with.
"For a young man, he is achieving a fantastic level of consistency, particularly as, I think, being a wide man, you can be limited to the ball you get in certain games.
"When he gets it, what he does for the team - and when he hasn't got it, what he does for the team - is exceptional. I'm very proud of him and so is everyone at Palace."
|"He's a joy to watch, to be with and to work with. For a young man, he is achieving a fantastic level of consistency"
- Ian Holloway on Wilfried Zaha
The title is contested by all players under the age of 21, or who turned 21 in the current season in the Football League, and is presented to the youngster who has made the most significant contribution and impact in first-team football.
David Wetherall, Head of Youth Development at The Football League, highlighted Zaha as "one to watch", adding: "Wilfried is a young and exciting player who has certainly captured people’s attention over the past couple of years, especially this season.
"At the age of 20 his skill and eye for goal is beyond his years and he is certainly one to watch for the future, I wish him all the best of luck for the rest of the season and beyond."