It marks the first time since the 2009/10 season that both top men's awards have been won by English players.
Foden's stellar campaign, which saw him net 19 goals in 35 Premier League matches, played a pivotal role in City's historic fourth consecutive title win. At just 23, he became the youngest player to clinch six league championships.
"To win this award is something very special and it is one that I am very proud of and grateful for. To be recognised this way by your fellow professionals means everything and I would like to thank everyone who voted for me," Foden said.
"I also want to pay special thanks to Pep, the City coaches and all my teammates as they help me to try and get better every single day."
Foden has set his sights on a fifth successive Premier League crown after City started their title defence with a 2-0 win at Chelsea on Sunday.
"Last season was another very special one for everyone at the Club but now all our focus is concentrated on trying to achieve more success this term," he said.
Foden also won the 2023-24 Premier League player of the season award and was named the Football Writers' Association footballer of the year.
Manchester City director of Football Txiki Begiristain added: "Everyone here is so thrilled to see Phil win this award. To have your fellow professionals recognise you in such a way is very special.
"Phil embodies everything we stand for at Manchester City. He is a supremely talented player but is someone who always strives to seek to improve.
"He is a very humble guy who is hugely popular throughout the Club. We are all very proud of him."
The Stockport-born midfielder has now added the PFA Player of the Year trophy to his collection, having previously won the Young Player award twice.
His dominance was further cemented by winning the Premier League Player of the Season and the Football Writers' Association Footballer of the Year awards.
Foden beat out stiff competition from City teammates Erling Haaland and Rodri, as well as Chelsea's Palmer, Arsenal's Martin Odegaard, and Aston Villa's Ollie Watkins.
While Palmer missed out on the top prize, his impressive debut season at Chelsea was rewarded with the Young Player of the Year award.
The 22-year-old's 22 goals in 34 Premier League matches earned him a spot in the England squad for Euro 2024, where he found the net in the final.
Palmer defeated Arsenal's Bukayo Saka, Manchester United duo Kobbie Mainoo and Alejandro Garnacho, former Crystal Palace player Michael Olise, and Brighton's Joao Pedro for the accolade.
In the women's categories, Manchester City's Khadija Shaw claimed the Player of the Year award, while Manchester United's Grace Clinton was named Young Player of the Year.
