The accolade sees the Leicester City striker add to his Football Writers' Association Player of the Year gong which he collected on Thursday, while his team-mate Riyad Mahrez was named PFA Player of the Year.
Vardy has scored 24 Premier League goals this season as Leicester made a stunning charge to be crowned champions having been rated as relegation candidates at the start of the campaign.
Claudio Ranieri's men had five of the 10 nominations for the Premier League award, with captain Wes Morgan, goalkeeper Kasper Schmeichel, midfielder N'Golo Kante and Mahrez in the running.
Arsenal's Mesut Ozil, West Ham star Dimitri Payet and Tottenham trio Toby Alderweired, Dele Alli and Harry Kane were the other players put forward for the award.
The Premier League Player of the Season award - voted for by fans, governing bodies and the media - has been running since 1995 when Alan Shearer was the first winner.
Vardy is the first English player to win the award since Wayne Rooney in 2009-10, while Chelsea attacker Eden Hazard won last season.
