At a ceremony held at The Brewery in central London, Ings won the prestigious prize following his excellent form this season.
The 22-year-old has netted 25 times this campaign, with all but five of these coming in league matches.
The Clarets are currently looking in good shape to earn automatic promotion to the Premier League.
And Ings paid tribute to his manager at Turf Moor, Sean Dyche, saying: "He is firm but fair and as long as you buy in to what he buys in to then you're definitely going to get along. That comes down to hard work and all of our players are hard-working."
As for winning the award, he added: "Sam Vokes, my strike partner, has chipped in with a lot of goals too for a target man and I could talk about the team all night.
"We have such a good team ethic and we work hard for each other which is why we have been successful."
The other nominees alongside Ings were Danny Drinkwater of Leicester and Leeds United's Ross McCormack.
Brentford midfielder Adam Forshaw claimed the award for Sky Bet League 1.
The 22-year-old was up for the prize along with Kevin McDonald of Wolves and Alex Pritchard from Swindon.
Gary Roberts of Chesterfield was named Sky Bet League 2 Player of the Year, fending off the other nominees - Rochdale's Scott Hogan and Sam Winnall of Scunthorpe United.
The winger, who joined the Spireites from Swindon last summer, currently heads the assists table for the division.
Young Player of the Year was Derby County midfielder Will Hughes, who was nominated along with Liam Moore of Leicester City and Swindon's Alex Pritchard.
Hughes made his debut just over two years ago at the age of 16 and has already been involved with the England under-21 side.
Gary Johnson of Yeovil Town was a popular winner of the Football Manager Outstanding Managerial Achievement.
The first recipient of the Sir Tom Finney Award was Bournemouth striker Steve Fletcher who retired at the end of last season, aged 40, after a professional career spanning 24 years and more than 800 senior appearances.
The Mitre Goal of the Year went to Coventry's Franck Moussa whose cheeky 22-yard chip on a Tuesday evening last October left Leyton Orient keeper Jamie Jones flat-footed.
Moussa said of his success: "I actually thought the Troy Deeney goal was going to win.
"But I definitely meant it. I got into the box, saw a gap open up and it was a deliberate shot.
"It dropped in the back of the net even more beautifully than I imagined."
Mason Bennett of Derby County collected the LFE Apprentice of the Year trophy for the Championship, while Brendan Galloway of MK Dons and Bradley Walker of Hartlepool were the respective winners in Leagues 1 and 2.
Meanwhile, Capital One Supporter of the Year was 61-year-old Phil Beeton who will soon be watching his 2,000th consecutive Leeds United game.
Contribution to League Football Award - John Bowler (Crewe Alexandra);
Johnstone's Paint Community Club of the Year - Brentford (Brentford FC Community Sports Trust);
PFA Player in the Community Award - Reda Johnson (Sheffield Wednesday);
Perform Best Digital Content and Audience Growth Award - Derby County (Return of the Mac);
Football League Family Club of the Year - Middlesbrough;
Tokio Marine Unsung Hero Award - Frank Banks (Southend United)