The Real Madrid sensation picked up the prestigious award at a ceremony in Turin on Monday to celebrate his incredible form for club and country in 2023.
The award is handed out by sports journalists to players under the age of 21 playing in Europe.
Bellingham follows stars such as Lionel Messi, Kylian Mbappe and Wayne Rooney to scoop the award and becomes the first English player to win it since Raheem Sterling in 2014.
After Monday's ceremony, footage emerged of Bellingham sharing a hug with his father Mark who had flown in for the event.
Mark currently resides in Sunderland where youngest son Jobe plays his football while mum Denise has based herself in Madrid alongside Jude.
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The heartwarming moment took on even more meaning with Mark spending the majority of his time in the UK, while his LaLiga-conquering son continues to impress for the 14-time European Cup winners.
Bellingham's Golden Boy triumph follows his Kopa Trophy award in October which recognises the best performing under-21 player in the world.
A future Ballon d'Or success already feels inevitable for Bellingham whose stock has continued to rise since his £88 million switch to the Santiago Bernabeu this summer.
Since arriving in Spain, the ex-Birmingham City star has netted an incredible 15 goals in 17 games, helping to plug the hole left by Madrid's failure to land a world-class No.9 during the summer transfer window.
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His integration into Real Madrid's star-studded squad has been seamless and has helped his side claim top spot in La Liga and their Champions League group.
Greatness awaits the 20-year-old who will be eyeing a La Liga, Champions League and Euro 2024 treble next summer.
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And success on all three fronts could hand him a shot at succeeding Lionel Messi as the next Ballon d'Or winner.