Dončić, who turned 19 in February, is four years younger than the previous youngest recipient of the award, Miloš Teodosić, who won the title in 2010.
The title, declared at the Final Four tournament on Friday, comes after Dončić was already declared the league's Rising Star and made the AllEuroLeague First Team.
He could yet top it all off with a championship title if his Real Madrid wins the EuroLeague in the final game against Fenerbahce Sunday evening.
The league said Dončić, a potential no. 1 pick in the coming NBA draft, started the season with a heavy burden but exceeded expectations with his performance.
He had a statistical index of 35 or higher at five games and scored double-digit points in 26 of the 31 games.
And you can watch a Euroleague documentary on Luka here.