Mahrez racked up 17 league goals and 11 assists to help the Foxes win their first-ever Premier League title.
He picked the 3-2 come-from-behind win over Aston Villa in September and February's 3-1 away victory over Manchester City as his favourite games of the season.
“It feels good,” the 25-year-old Algerian forward told the club's website (www.lcfc.com).
“It's good to be voted for from the fans. I'm very happy. We just know we've done something crazy - something unbelievable.”
Mahrez, who joined Leicester from French second division side Le Havre in 2014, paid tribute to the club's supporters after being handed his award.
“The stadium is very amazing,” he added. “The fans are close to us and I feel very good here to play. I just want to say thank you to all the fans - I hope they support us every year.”
Leicester's top scorer Jamie Vardy, who was named player of the year by the Football Writers' Association earlier this month, won the goal of the season award for his tremendous long-range strike in the 2-0 home win against Liverpool in February.
Original source: Mahrez voted Leicester's player of the season