The 17-year-old started all six of the Rams' Championship outings last month, netting one goal in a 2-1 defeat at Millwall.
Hughes also made his debut for the England U21 side in November, coming on as a second half substitute in a 2-0 victory over Northern Ireland - making him the second youngest player to represent the Three Lions at that level.
The Derby starlet is understandably delighted with how the 2012/13 campaign is unfolding and has paid tribute to Derby boss Nigel Clough for showing so much faith in him.
Hughes said: "I'm extremely proud to receive this award and a little bit shocked to be honest, especially when you look at the names that have claimed it in the past.
"The last year or so has been something of a whirlwind for me and so much has happened in such a short space of time, and to get this award is another memorable moment.
"I'd like to thank the manager and his coaching staff for showing faith in me and also my team-mates as well, because there's a real team ethos around the place and that has been so important for me making the step up to the first team squad."
Clough added: "We're all delighted for Will that he has claimed the Football League Young Player of the Month Award for November; it's fantastic news for everyone connected with the club.
"He has been a near ever-present for us this season and we're delighted with the progress he has made in the last few months.
"To do what he has done at 17-and-a-half just goes to show the potential he has got. He's a level-headed lad and he's kept everything in perspective, which is something we really like about him."
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