The six wins in February saw Peterborough United move to the top of the league, with 15 goals scored through the month and only 3 conceded.
Speaking about the honour, Ferguson said: "This award is for my staff and the players, they deserve it. It was a great month for us, to win all of the games that we had in the month, particularly this season with the amount of games, was excellent. It has put us in a decent position in the league and we just need to carry it on."
Danny Wilson chairs the Sky Bet Manager of the Month judging panel. He said: "A perfect February for Posh and Darren, with 18 points and a hatful of goals to put them in the pole position with games in hand."
Sky Sports' EFL pundit Don Goodman said: "No manager has won this award more than Darren Ferguson’s five since 2013, which highlights his ability to get a tune out of his much changed Peterborough sides over that time.
"Darren however, won’t be happy with a line of Manager of the Month awards on his shelf while the club are still searching for that elusive promotion that will take them and their talented side to the next level. February’s efforts put them in prime position."
A loss to Hull City on Tuesday night dropped them to second favourites to win the league, but Peterborough's two games in hand could still be pivotal to automatic promotion.