The Gabonese attacker beat nominees including Bournemouth forward Callum Wilson, Chelsea midfielder Ross Barkley.
Other nominees includeManchester United forward Anthony Martial, Manchester City midfielder Fernandinho and Mat Ryan of Brighton and Hove Albion.
Upon recieving the award, Aubameyang told the Premier League that he wants to improve and lead Arsenal to the Champions League after scoring five goals in three games in October.
He said, "I’m just trying to improve every day, trying to work a lot but I’m happy to be here in the Premier League and I try to do my best," said the 29-year-old. "I can do better."
"We have to continue on the way we are doing things
"I hope we will finish in the first four. It would be good to qualify for the Champions League."
Eddie Howe wins Manager of the Month award
Bournemouth manager Eddie Howe has emerged the winner of the Manager of the Month award for October.
He replaces Wolverhampton Wanderers boss Nuno Espirito who won the award for the month of September.
He beat other nominees Manchester City manager Pep Guardiola new Arsenal and Liverpool boss Jurgen Klopp to the award.
In a report by the Premier League website the 40-year-old Howe thanked the club for helping him achieve the award.
He said, "I’m so lucky here to have such a dedicated group of people who work so hard to make sure the players are at the best of their ability."
"It’s the unity, and not just with the players, but with the staff and with the supporters. I think that link through the club is stronger than ever.
"Now we’ve got to make sure that we grow that and it’s something we pride ourselves on, the atmosphere between people, the family-like feel of the club."
He is expected to lead Bournemouth aiming to bounce back from defeat to Manchester United when they take on Newcastle United in their next fixture.
Goal of the month
Arsenal midfielder Aaron Ramsey has emerged winner of the Carling Goal of the Month award or his effort against Fulham.
He replaces Liverpool forward Daniel Sturridge who won the award in September for his strike against Chelsea.
Ramsey beat other nominees for the award which include Ricardo Pereira of Leicester City, Gylfi Sigurdsson of Everton, Manchester City new recruit and Roberto Pereyra of Watford.
As well as teammate Pierre-Emerick Aubameyang, Fulham forward Andre Schurrle and rejuvenated Manchester United forward Anthony Martial.
Speaking to the Premier League website Ramsey stated that it was a difficult goal to execute but it is one of his best.
He sad, "Auba' crossed the ball and it was slightly behind me so I had to try and adjust and that was the thing that came into my mind first, to try and flick it back towards goal, Thankfully, it went in."
"I think we’ve been renowned for scoring some really good goals as a team and that was just another example."
"I was delighted to be a part of it and finish it off and it’s definitely right up there [with my best goals]," he said.
"It was a brilliant ball in because we were 2-1 up at the time and it was a difficult game where Fulham were definitely coming back into it, so we needed that other goal to settle us back down and make the game more comfortable."
He is expected to return to action when Arsenal take on Wolverhampton Wanderersat the Emirates Stadium on Sunday, November 11.