The 20-year-old beat Louis Foster, Jamie Chadwick and Ollie Bearman to the award and becomes the 33rd winner of the prize.
The British driver will receive £200,000, a test in an Aston Martin Aramco Cognizant Formula 1 car, full British Racing Drivers’ Club membership and an Arai helmet as his prize.
A delighted Browning said: “Incredible! It was really special to see all the names in the room, to add my name to the list… Words can’t describe.
“It’s a testament to the guys of the hard work they put into me, I’m so grateful. Thank you.”
Browning won the GB3 title in his first full year in the series for Hitech after a season-long duel with Swedish driver Joel Granfors.
The Autosport Young Driver of the Year award winner drove to five wins this year, including double victories at Oulton Park and Spa-Francorchamps.
The 20-year-old became the first driver to win both British F4 and GB3 titles after a tense wet-dry title decider at the season finale at Donington Park.
Browning, along with the other three finalists conducted fitness tests with Athletic Thinking and simulator assessment with the Mercedes-AMG Petronas F1 Team.
They also spent two days at Silverstone driving MotorSport Vision Formula 2, Beechdean Motorsport-run Aston Martin Vantage GT3 and United Autosports Ligier LMP3 machinery.
Browning joins a world class list of drivers such as 2009 F1 world champion Jenson Button, Lando Norris and George Russell.