The Uruguayan frontman, who leads the top flight's scoring charts with 30 goals, becomes only the second Liverpool player in the Premier League era to win the award
The Uruguay international has netted 30 league goals this season to lead the division's scoring charts and fire Liverpool towards what could be a first league title in 24 years.
With two games remaining this term, Suarez still has the chance to equal, or even better, Cristiano Ronaldo and Alan Shearer's joint record of 31 goals in a 38-game season.
In addition to his monumental 30-goal haul, the former Ajax frontman has registered 12 assists – the most in the Premier League.
Suarez's award cements an incredible turnaround in affection for the 27-year-old, who was booed on two occasions during last year's PFA ceremony.
He began the campaign by serving the remainder of a 10-game suspension for biting Chelsea's Branislav Ivanovic, which followed a race row involving Manchester United's Patrice Evra that also produced a lengthy ban.
But Suarez has put past controversies firmly behind him to light up English football and become only the second Liverpool player to be crowned Player of the Year in the Premier League era, after Steven Gerrard won the award in 2006.
Chelsea midfielder Eden Hazard finished second in the voting, followed by Manchester City's Yaya Toure.