The Spaniard guided Arsenal to a long-awaited crown after three successive runner-up finishes, with the Gunners eventually sealing the title ahead of Manchester City and finishing the campaign seven points clear of Pep Guardiola's side.
Arteta, who took charge in December 2019 during one of the club's most difficult periods in the Premier League era, has steadily rebuilt Arsenal into champions. The north London side wrapped up the title with a game to spare and lifted the trophy at Crystal Palace on Sunday.
"It was understanding that I was able to take them this far, but maybe someone else has to come and do the final job," Arteta told Sky Sports after the celebrations.
"But thank God we have done it. I feel a lot of joy and, honestly, a little bit of relief."
Arsenal's success this season was built on consistency at both ends of the pitch. They won 26 matches, lost only five times, conceded a league-low 27 goals and kept 19 clean sheets - also the best record in the division. Their tally of 71 goals was second only to City's 77.
The award is the first Manager of the Season honour for Arteta and makes him the first Arsenal manager since Arsene Wenger to receive the accolade. Wenger previously won it during each of his three title-winning campaigns, including the famous unbeaten "Invincibles" season of 2003/04.
Arteta also became the first manager to win the Premier League with a club he previously represented as a player, having spent five years at Arsenal between 2011 and 2016.
At 44 years and 54 days old, he is now the third-youngest manager to win the Premier League title, behind only Jose Mourinho's first two title-winning seasons with Chelsea.
The Arsenal boss beat a shortlist that included Guardiola, Bournemouth's Andoni Iraola, Brentford's Keith Andrews, Sunderland's Regis Le Bris and Manchester United's Michael Carrick.
Having finally ended Arsenal's lengthy wait for domestic glory, Arteta will now attempt to cap the season with an historic double when the Gunners face Paris Saint-Germain in Saturday's UEFA Champions League final.
Paris Saint-Germain forward Ousmane Dembele has made it clear that his side are determined to add more silverware to their growing collection as they prepare for Saturday's UEFA Champions League final against Arsenal in Budapest.
Barcelona have completed the signing of Anthony Gordon from Newcastle United in a deal worth around 69.3 million pounds, bringing the England forward to the Catalan club on a contract running until 2031.
Arsenal head into Saturday's Champions League final against Paris Saint-Germain with a significant double injury boost, as Mikel Arteta confirmed that both Jurrien Timber and Noni Madueke are fit to start the showpiece at the Puskas Arena.
Manchester United have revealed that the sacking of former head coach Ruben Amorim and his coaching staff cost the club 16.7m pounds, underlining the continued financial impact of managerial turnover at Old Trafford.
