The 20-year-old has enjoyed a sensational start to his Real career, a brace in Saturday's 2-1 Clasico win over Barcelona taking him to 13 goals in his first 13 games for the Spanish giants.
But the Kopa Trophy rewards his performances last season.
In his final campaign with Borussia Dortmund, Bellingham scored 14 times in 42 games as they came second in the Bundesliga. He also helped England reach the quarter-finals of the World Cup in Qatar.
"I am really grateful to Dortmund for the opportunities they gave me over the years and especially last year, to be a leading player and someone who helped the team to win games," Bellingham told the media after collecting his prize.
"I think I took that responsibility on quite well and all said I think I had a good year so I am very happy."
He succeeds Barcelona and Spain midfielder Gavi as the winner of the trophy named after former Real Madrid and France star Raymond Kopa.
Kylian Mbappe and Matthijs de Ligt are also former winners of the award, which is voted for by former winners of the men's Ballon d'Or.
Bellingham also ranked 18th in the voting for this year's Ballon d'Or, recognised as the most prestigious individual prize in football.
Now settled in Spain, Bellingham is hoping for the kind of success with club and country this season that would make him a genuine contender to win the Ballon d'Or next year.
"The aim is to try to win everything with England and with Madrid," he said of his objectives for the months ahead.
"It is important that I try to give everything I have got at the moment towards that."
Of England's prospects at the upcoming European Championship in Germany, he added: "I am definitely confident, we are one of the favourites going into the tournament now and it is important that we quit the talking and finally perform in front of our fans."
