Wood scored six goals in four Championship games in January.
Wood, 25, went into this season after a solid if unspectacular first campaign with Leeds, and fans were expecting a better return than 13 goals in 36 league appearances.
He's emerged as one of the leading strikers in the Championship, scoring 18 goals in 29 league games.
Wood's total tally for the season stands at 21 goals in 33 games this season.
After winning the award, Wood took to Twitter to thank everybody who voted for him, saying he was "very honoured and privileged" to have won the award.
Leeds reportedly fended off approaches by premier league clubs West Ham and Sunderland to sign Wood during the January transfer window.
Photo: Supplied: Leeds United Chris Wood