The German pipped Leeds United boss Marcelo Bielsa, Sheffield United counterpart Chris Wilder and Wycombe Wanderers coach Gareth Ainsworth after ending Liverpool's 30-year wait for the Premier League title.
After accepting the award, Klopp said: "I'm absolutely delighted to be named the winner of the League Managers Association Manager of the Year Award for this wonderful Sir Alex Ferguson Trophy, named after a man that I admire so much.
"It feels extra special to win this award because it is voted for by my fellow managers.
"It's an honour to be in the company of so many managers who have been named as LMA Manager of the Year before, including of course Liverpool managers like Bill Shankly, Bob Paisley, Joe Fagan, Sir Kenny Dalglish and, in recent years, Brendan Rodgers.
"Everything we have accomplished at Liverpool this year couldn't have been done without the superb input of my coaching staff; they make us a really special bunch of football brains. I love to work with my coaches, my players and everyone at LFC and, of course, I am thankful for the support from all our wonderful Liverpool fans."