Ferguson, who retires this summer after 26 years in charge of Manchester United, becomes the first manager to win the prestigious award, which is voted for by fellow managers, four times.
Receiving the award from West Ham manager Sam Allardyce at the LMA awards dinner on Monday evening, Ferguson joked that West Brom boss Steve Clarke should have been given the honor for scoring five times against his United side on Sunday.
"It was the perfect sendoff," Ferguson said. "5-5. Everyone will remember it, that's for sure."
Commenting on the reaction to his retirement, Ferguson added: "It's overwhelming. In a way I'm glad it's over, because it's hard work."
And asked when he thought United was going to win a record 20th league title, he jokingly replied: "August 17!"
Malky Mackay was named Championship Manager of the Year for overseeing Cardiff's first-ever promotion to the Premier League. Gary Johnson picked up the League One award for guiding Yeovil to victory in the playoff final against Brentford on Sunday, while Gillingham boss Martin Allen picked up the League Two award.