The 37-year old has become the first manager outside the top flight to win the award since 1992, beating Chelsea's Jose Mourinho, who took out the Premier League award for guiding the Blues to this season's title.
Howe, who also clinched the Championship award after winning England's second tier with the Dorset club, was over the moon after being voted as the LMA's best manager for the season.
"I can't believe it. I'm so surprised and so grateful," he 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 and we managed to get there.
"It's more special because it is a club where I've spent most of my career."
In other awards on the night, Bristol City's Steve Cotterill won the League One prize, Gareth Ainsworth of Wycombe Wanderers landed the League Two crown and Bradford City's Phil Parkinson was named FA Cup Manager of the Year for leading the Bantams to the quarter-finals.
AFC Bournemouth (@afcbournemouth) May 26, 2015