De Bruyne, 29, helped City finish second in the Premier League, but they were a distant 18 points behind champions Liverpool.
The Belgium international matched Thierry Henry's assists record (set during the 2002-03 campaign) when he set up Raheem Sterling to put City 3-0 ahead against Norwich on the final day of the season in a game that City eventually won 5-0.
He also hit double figures for goals, finishing with 13, and claimed his second Premier League Playmaker of the Season award in three years after winning the inaugural prize in 2017-18 for the most assists in the league.
Liverpool defender Trent Alexander-Arnold was named Young Player of the Season on Friday, with Jurgen Klopp picking up the managerial award on Saturday.
De Bruyne saw off plenty of competition from Liverpool to win the award, beating Alexander-Arnold, Jordan Henderson and Sadio Mane as well as Southampton striker Danny Ings, Leicester striker Jamie Vardy and Burnley goalkeeper Nick Pope.
That means they finish the season with only the Carabao Cup to show.
De Bruyne finished second to Liverpool captain Henderson in the voting for the Football Writers' Association Footballer of the Year.