The forward pipped Kilmarnock striker Kyle Lafferty, Scott Tiffoney from Partick Thistle and his Lichties team mate Thomas O’Brien to the end of season award.
Sadly Arbroath were unable to make it a double on the night with boss Dick Campbell beaten to the manager of the year prize by Celtic’s Ange Postecoglou.
Campbell praised McKenna for his contribution to the side this season, saying: "I'm very proud of Michael. He's been exceptional, he's not player of the year for nothing.
"He's scored 15 goals, he's a lovely lad as well.
"He has just signed a two-and-a-half-year contract with us so he's committed to us and I'm very happy for him."
Campbell admitted he knew his chances of winning the manager’s prize were slim ahead of the awards evening starting.
He said: "I'm getting a wee bit annoyed at being the bridesmaid, I'm away to the Sports Writers Awards this weekend.
"There is no chance of me winning these awards.
"I knew before I went through.
"East coast boys don't win things in Glasgow, no chance.
"Apparently the voting was very tight.
"You just wish Postecoglou all the best and get on with it."
Campbell has guided his side into the Championship’s top-four where they will now compete in the end of season promotion play-offs.
They pushed eventual winners Kilmarnock all the way, only losing out in the race during the final weeks.