Sterling was selected for the honour, handed out on behalf of a number of leading European newspapers, from a 40-man shortlist following an impressive calendar year.
The England international helped Liverpool run Manchester City close to the Premier League title last term before proving a rare bright spot for Roy Hodgson's men at the World Cup in Brazil.
Sterling has also impressed for his club this term - despite Liverpool struggling to adapt to the loss of Luis Suarez - and the 20-year-old has expressed a desire to continue improving.
"It's down to hard work. I'm really happy that people are recognising that I'm trying to work hard and do my best for this football club. I'm really grateful for this award," he told Liverpool's official website.
"There's always room for improvement. At this moment in time, I should have a few more goals, but I've not taken some of my chances.
"I'm young and learning all the time. This award just shows that hard work gets you where you want to be, and that I'm on the right track for where I want to be in my career.
"Hopefully I can just keep working hard and try to take my game to the next level."
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