The Terriers impressive start to their first season in the Premier League saw Wagner claim the prize - becoming only the second ever German manager to do so.
The Terriers head coach overcame stiff competition in the form of Manchester United manager José Mourinho, Pep Guardiola of Manchester City, West Bromwich Albion boss Tony Pulis, and his very good friend Jürgen Klopp from Liverpool.
Wagner a worthy winner in his first month
Wagner's Huddersfield have played three, won two and drawn one, conceded no goals and sitting third in the league. For their first time in the Premier League, this is an extraordinary start.
Huddersfield are only the second promoted team to keep three clean sheets in the opening three games. Only Charlton Athletic have equalled this, when they did so in the 1998-99 season.
This start has given the Terriers seven points from three games, and sees them lie in third in the league table. The next match against West Ham United on Monday night will be another test for the Yorkshire club, but Wagner is confident the team will keep their game plan going against the London club.
However, he is not taking the opposition lightly and knows it will be a tough match.
The decision on the Manager of the Month award was decided by a combination of a fan poll and a panel of experts having a say to who the award goes to.
The panel for this month included Sir Alex Ferguson, Alan Shearer, Thierry Henry and Jamie Redknapp. To beat the likes of Mourinho, Guardiola, Pulis and Klopp is no mean feat, and especially as the other managers are guiding more established Premier League teams.
Wagner, when asked about winning the award, said: "I am happy. It’s an honour for me to receive this award but I would like to take it for the whole club. My players earned the results on the pitch and got a lot of details right."
The German went on to add: "I hoped that we would start well, but I did not expect it. We are happy that we have started well but now we have to be focused."
If Town continue their astonishing start, there is no reason to suppose that Wagner will not be nominated for the award again - though that will be a tough task, starting with the trip to West Ham.