De Bruyne took home the Player of the Year award, while his younger teammate collected the Young Player of the Year prize for the second successive year.
Both players have enjoyed another strong season, with City on the periphery of their fourth league crown in five years.
De Bruyne has recorded a career-best 15 Premier League goals and 13 assists. It's these numbers which helped him edge out Joao Cancelo, Jarrod Bowen, Bukayo Saka, James Ward-Prowse, Son Heung-min, Trent Alexander-Arnold and Mohamed Salah for the senior prize.
The 30-year-old midfielder told the club website: "To win this award for a second time is an achievement that I'm really proud of.
"There is so much quality in the Premier League and it is a pleasure to be nominated with so many other great players who have had incredible seasons for their clubs."
The Belgium international joins an elite club of players to have won the prize on two occasions - a group which consist of Thierry Henry, Cristiano Ronaldo and Nemanja Vidic.
Foden, who collected the youth prize, equalled last season's tally of nine goals and five assists. However, he still has one game to try and improve on those figures.
The 21-year-old said: "I'm very proud to have won this award for a second season in a row.
"There are so many talented young players in the Premier League this season and it's a real honour to win it again."
Foden was the fans' choice for young player of the year ahead of Alexander-Arnold, Saka, Mason Mount, Aaron Ramsdale, Declan Rice, Conor Gallagher and Tyrick Mitchell.