At a ceremony held at The Brewery in central London, Ings was handed the the prestigious prize as a reward for his excellent form this season.
The 22-year-old has netted 25 times, with all but five of these in league matches.
The Clarets are currently looking in good shape to earn automatic promotion to the Premier League.
The other nominations in this category were Danny Drinkwater of Leicester and Leeds United's Ross McCormack.
Brentford midfielder Adam Forshaw won the award for League One.
The 22-year-old was up for the prize along with Kevin McDonald of Wolves and Alex Pritchard from Swindon.
Gary Roberts of Chesterfield is the League Two Player of the Year, fending off Rochdale's Scott Hogan and Sam Winnall of Scunthorpe United.
The winger, who joined the Spirites from Swindon last summer, currently heads the assists table for the division.
Young Player of the Year was Derby County's 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.
Mason Bennett of Derby County collected the LFE Apprentice of the Year trophy for the Championship, while MK Dons' Brendan Galloway and Bradley Walker of Hartlepool were the respective winners in Leagues One and Two.
Meanwhile, Capital One Supporter of the Year was 61-year-old Phil Beeton, who will soon be watching his 2,000th Leeds United game.