Dembele, 19, enjoyed an outstanding debut campaign for BVB, scoring six and assisting 13 goals in 32 Bundesliga appearances to help the Yellow-Blacks to a third-place finish.
He was also on target in the 2-1 DFB Cup final win over Eintracht Frankfurt, which earned Borussia their first major trophy since 2012.
Watch: Dembele's dazzling debut campaign
Dembele beat off competition from Schalke’s Nabil Bentaleb, Wolfsburg’s Riechedly Bazoer, Freiburg’s Caglar Söyüncü and Hertha Berlin’s Jordan Torunarigha to win the vote, which comprised the five 2017 winners of the Bundesliga Rookie of the Month award.
"Germany, when you're a young player, is the best," Dembele said in a recent interview with French football magazine L’Equipe. "There are lots of young talents here, and people have faith in them.
"Being in the first team [at Borussia Dortmund] allows me to get more and more experience. But I’m going to keep working."
ALL NEW: How well do you know Borussia Dortmund? Take part in our quiz below!