Having represented France at various youth levels, the current under-20 international had a stand-out month in the Sky Bet Championship, scoring five goals as the Whites went unbeaten in October.
Dembele, 19, scored in a 1-1 draw with Leeds United before firing braces in the back-to-back wins over Reading and Bristol City.
Since joining Fulham from Paris Saint-Germain in 2012, Dembele has progressed in the club’s Academy programme in successive seasons.
After a handful of first-team appearances in 2014/15, the young Frenchman has cemented his place in the senior squad this term registering eight goals in league and cup to date.
On collecting The Football League’s Young Player of the Month Award, which covers players that play in all three divisions of the Sky Bet Football League, Dembele said: “I feel very happy to win this trophy but it is just the beginning.
"I need to keep going, keep doing what I am doing and keep impressing everyone.
“For a young player it is good to have a run in the first team and know that people around you believe in you. That's what happened.
“I took my chances and I'm very pleased with that. I am still young and still learning the game. It is a good trophy but hopefully there is more to come.”
Huw Jennings, Fulham’s Academy Director welcomed the award and praised the young goalscorer, saying: “I'm delighted for Moussa. He's come into the team and he's taken his chance. He's scoring goals, he's looking confident and he has got a bright future ahead of him.
“It is the first time he's had a run of any significance in the team. Like all young players, they want to feel like there is a sense of belonging in the team and they feel as though they are going to be supported and backed.
“Hopefully he can move on from this solid base and demonstrate he can go on and be a very good player for us for the future.”
Each season, Football League clubs invest more than £60m on identifying, training and educating the next generation of football talent.
There are 8,500 young players between the ages of 8 and 18 registered with League clubs, making Football League Youth Development the largest centrally co-ordinated young player programme in world football. Over 200 players aged 21 or under make their professional debuts for Football League clubs each season.
Commenting on Dembele’s award, David Wetherall, Head of Youth Development at The Football League, said: “To score regularly in the Championship at just 19 years of age suggests Moussa has the talent to go far, and with the right application there is no reason why he can’t go on and have a very successful career in the game.
“Fulham have an excellent track record of bringing young players in to the first team and Moussa’s form this season exemplifies just how valuable youth development is to clubs throughout The Football League.”
Each month the accolade is awarded by The Football League to the young player who has made the most significant contribution and impact in first team football.