The England international formed a pivotal part of Pep Guardiola's title-winning machine last season with 19 goals and eight assists in 35 Premier League matches, also earning the FWA and Premier League Player of the Season prizes in the process.
Foden's crowning continues Man City and Liverpool's domination of the PFA prize, as no player outside of those two sides since N'Golo Kante (2016-17 for Chelsea) has taken home the top men's honour.
The 24-year-old follows teammates Erling Haaland (2022-23) and Kevin De Bruyne (2019-20, 2020-21) in being named the PFA Player of the Year, and he is the first Englishman to be bestowed with the honour since Wayne Rooney (2009-10).
Foden's compatriot Cole Palmer was also recognised for his league-leading feats with the PFA Young Player of the Year prize, having also been named the Premier League's Young Player of the Season after registering more goal contributions than any other player.
Palmer snubbed for PFA Team of the Year despite YPOTY crowning
The Chelsea man had a direct hand in 33 goals in the 2023-24 Premier League campaign - 22 of his own and 11 assists - and is the first Blues player to win the YPOTY honour since Eden Hazard (2013-14).
Palmer's crowning also means that an English player has won the PFA Young Player of the Year prize for the sixth time in a row, but the former Man City starlet was interestingly snubbed for the PFA Team of the Year.
The men's XI was dominated by last season's runners-up Arsenal, who achieved both their highest-ever tally of wins (28) in a Premier League game season while also scoring a record 91 goals and shipping just 29.
As the league's best defensive side, it was no surprise to see three defensive cornerstones - David Raya, William Saliba and Gabriel Magalhaes - selected at the back, alongside Kyle Walker and Liverpool's Virgil van Dijk.
Gunners skipper Martin Odegaard and £105m man Declan Rice joined Man City maestro Rodri in the engine room, but neither Palmer nor Bukayo Saka were included in the attacking trident, spearheaded by Golden Boot winner Erling Haaland.
Khadija Shaw, Crysencio Summerville among other top PFA winners
Instead, Player of the Year Foden and Aston Villa talisman Ollie Watkins completed the star-studded Team of the Year, while Man City completed a clean sweep of the senior top-flight Player of the Year prizes.
The Women's PFA Player of the Year honour went to Citizens star Khadija Shaw, who topped the Women's Super League scoring charts with 21 goals last season, while Grace Clinton was named the Young Player of the Year.
The 21-year-old spent the 2023-24 season on loan at Tottenham Hotspur from Manchester United, where she bagged four goals and four assists in 20 league matches and also broke into Sarina Wiegman's England team.
Elsewhere, the Championship Player of the Season award went to ex-Leeds United man Crysencio Summerville, while Alfie May and Jodi Jones won the League One and League Two accolades respectively.
2024 PFA individual award winners in full:
PFA Men's Player of the Year: Phil Foden (Man City)
PFA Men's Young Player of the Year: Cole Palmer (Chelsea)
PFA Women's Player of the Year: Khadija Shaw (Man City)
PFA Women's Young Player of the Year: Grace Clinton (Tottenham, on loan from Man United)
PFA Championship Player of the Year: Crysencio Summerville (Leeds United)
PFA League One Player of the Year: Alfie May (Charlton Athletic)
PFA League Two Player of the Year: Jodi Jones (Notts County)