The West Ham boss beat off competition from Jose Mourinho of Chelsea, Brendan Rodgers at Liverpool and Hull boss Steve Bruce for the award.
Concerns were raised over Allardyce's future at the club after a string of losses through the winter, and crashing out of two cup competitions in the space of four days.
However, motivated by holding Chelsea to a 0-0 draw at Stamford Bridge on 29th January, the Hammers boss guided the London club to four wins out of four in the Barclays Premier League through February, beating Swansea City, Aston Villa, Norwich City and Southampton.
Sam Allardyce: "It's thanks to the players for their achievements throughout February.
"It's made a very, very entertaining Premier League - one where I think it's entertained the public from the very start and I think it'll entertain them to the very finish."