The 22-year old netted 13 goals in 38 outings in all competitions and looked a far more accomplished player than he has in the past.
Despite Arsenal falling away dramatically in 2011, Walcott feels his overall season was a success from an individual viewpoint.
"I had the best season I've had in a long time," Walcott told the FA's official website.
"I have scored a lot of goals and got more assists.
"As a team we weren't able to perform to our abilities in the last few games. We should have got third but it was just snatched away from us.
"We have only got ourselves to blame on that front. We have to win trophies but there have been signs there, and I think we can do it next season."