The 29-year-old midfielder previously earned the accolade with the Red Devils in both the 2020-21 and 2021-22 seasons.
During the 2023-24 campaign, the United skipper showcased remarkable consistency, missing only two games due to injury.
Across all competitions, the Portuguese midfielder made 47 appearances, contributing 15 goals and providing 12 assists. He also earned the Player of the Month award twice, in April and August.
Fernandes joins exclusive Man United company after third Player of the Year award
Fernandes is now one of only three players, along with his compatriot Ronaldo and former teammate De Gea, to receive the Sir Matt Busby Player of the Year honour three or more times since the award's inception in 1988.
Ronaldo earned the accolade three times during his first spell at the club in 2004, 2007 and 2008 before securing it for a fourth time upon his return in 2022.
United's former goalkeeper De Gea achieved the remarkable feat of winning the award in three consecutive years from 2014 to 2016, before going on to claim a then-record fourth trophy in 2018.
With the most recent award, Fernandes now surpasses the likes of Eric Cantona, Brian McClair, Roy Keane, Wayne Rooney and Ruud van Nistelrooy, who have each won the prize twice.
Man United youngsters shine at club awards
Diogo Dalot emerged as the runner-up to Fernandes with 20% of the vote. The 25-year-old did, however, snap up the coveted Players' Player of the Year accolade.
Kobbie Mainoo, who burst onto the scene for the club this season, finished in third place, while Argentine attacker Alejandro Garnacho placed fourth.
Despite Fernandes' personal achievements, the Red Devils faced a challenging season, culminating in their lowest-ever Premier League finish as they landed in eighth place in the final league standings, eight points behind the top four.
Erik ten Hag's team have one final chance to salvage the season when they face cross-town rivals Manchester City in the FA Cup final on Saturday afternoon.