Howe took the accolade after leading his club this season to promotion to the top flight for the first time in their 116-year history.
"I can't believe it. I'm so surprised and so grateful," Howe said.
"You need good people around you so I'm grateful to my staff.
"A lot had come with us on our journey from the lower leagues but we managed to get there. It's more special because it is a club where I've spent most of my career."
Chelsea's Jose Mourinho won the Premier League manager of the year prize.
Mourinho, in his second spell back at the club, led his team to the top-flight title as Chelsea finished eight points ahead of 2013-14 champions Manchester City who ended up in second place.
The other LMA award winners were Bristol City's Steve Cotterill (League One) and Gareth Ainsworth of Wycombe Wanderers (League Two).
(Writing by Tony Jimenez, editing by Ian Ransom)
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