The prestigious award, voted for by the full LMA membership, was announced at the 32nd Annual Awards Dinner in May by Executive Committee member Sir Alex Ferguson CBE.
The five other managers in contention were Mikel Arteta (Arsenal), Sean Dyche (Everton), Unai Emery (Aston Villa), Pep Guardiola (Manchester City) and John Mousinho (Portsmouth).
McKenna was also voted the Sky Bet Championship Manager of the Year after leading the Tractor Boys back to the Premier League after a 22-year absence in only his second full season in charge.
Portsmouth Manager John Mousinho won the Sky Bet League One Manager of the Year, whilst Dave Challinor of Stockport County picked up the Sky Bet League Two Manager of the Year.
On the back of a fourth league success in as many years, Manchester City manager Pep Guardiola won the Premier League Manager of the Year sponsored by Barclays following a panel and public vote.
The Barclays Women's Super League Manager of the Year went to Matt Beard of Liverpool Women after voting from WSL Managers, a Barclays panel and the public. Laura Kaminski was honoured as the Barclays Women’s Championship Manager of the Year after Crystal Palace Women’s first promotion to the WSL.
Roy Hodgson CBE was awarded with the LMA John Duncan Award, presented annually to an individual who has achieved something significant in the game or represents the values of dedication and service to football.
In presenting the John Duncan Award, the LMA Committee recognised Roy’s incredible career, managing more than 1250 professional games worldwide over a career spanning nearly 50 years.
On being presented with the Sir Alex Ferguson Trophy for LMA Manager of the Year, Ipswich Town manager Kieran McKenna said: "It's incredible. Sir Alex Ferguson has been such a great part of my childhood growing up and my love for football, and for the game, has involved him - he's an inspiration.
"It's been a great journey. I'm two-and-a-half years into a management career, but it's been 16-years of working incredibly hard every day pretty much to be the best coach I can be.
"It's the best thing in the world and I've had good experience as a first team coach, but to be a manager in the Premier League and go up against great managers is going to be a great challenge and something I can't wait for.
"This award is one of the most humbling and proudest moments of my life."
LMA Executive Committee Member Sir Alex Ferguson CBE said: “I extend my congratulations to Kieran McKenna on winning the LMA Manager of the Year award after a memorable season with Ipswich Town.
“He is an incredible young talent who had a great reputation when he was on the coaching staff at Manchester United.
“Kieran is humble and carries tremendous composure, as well as great technical and tactical insight and awareness – all the hallmarks to become a top manager at the very highest level.
Outgoing LMA Chair Howard Wilkinson OBE added: “A huge well done to Kieran McKenna for becoming the winner of the LMA Manager of the Year for the first time.
“To be promoted once at any level is commendable, but to achieve the feat back-to-back is an incredible achievement and demonstrates his undoubted ability as one of the youngest and most exciting managers in the domestic game.
“Kieran has been recognised by his peers for leading Ipswich to the highest level of English football for the first time in over 20-years and is hugely deserving of this honour.”
LMA Chief Executive Richard Bevan OBE: “The LMA was thrilled to host the 32nd Annual Awards and celebrate the excellent seasons of its members throughout professional men's and women's football.
"The association offers its congratulations to Ipswich Town manager Kieran McKenna as the winner of the Sir Alex Ferguson Trophy for LMA Manager of the Year, as well as the Sky Bet Championship Manager of the Year.
"Through their voting, our members also recognised the significant achievements of John Mousinho, Dave Challinor, Laura Kaminski and Matt Beard, all of whom demonstrated their unique qualities as outstanding managers throughout the season.
"It was a privilege to award the LMA John Duncan Award to member Roy Hodgson CBE, who was acknowledged for a quite remarkable 48-year career.
“Since first starting out in 1976, Roy has been a pioneer of football management worldwide and is a fitting recipient for his unrivalled passion and extraordinary service to our sport.
"The evening also provided the opportunity for the LMA to recognise the 32 years of service and dedication of our outgoing chair Howard Wilkinson OBE.
“On behalf of all the members of the LMA, I wanted to say a massive thank you to Howard for his unparalleled commitment to English football, coaching and management.
“The LMA owes a huge debt of gratitude to Howard and the other founding members of the association in having the foresight to envision the modern, progressive and influential association that the LMA has become.
"Finally, I wish to thank our awards partners Premier League, Sky Sports, Castrol, Nike, Utilita, Carling, Barclays, Sky Bet, and Mappin & Webb for their ongoing support throughout.”
