The 20-year-old rose to prominence last season with Benfica and his 18-goal haul earned him a mammoth £113million move to Atletico Madrid in the summer.
The Portugal forward amassed 322 of the votes, significantly more than Sancho in second place, who received 175.
The award sees 40 journalists vote for the best upcoming youngster of the calendar year, with 10 points awarded to their first vote, seven to the second, five to the third, three to the fourth and one to the fifth.
Third was reported Liverpool target Kai Havertz, who pipped Man Utd target Erling Haaland in fourth by a point. Last years’s winner Matthijs de Ligt, Juventus was fifth, while Ansu Fati of Barcelona was sixth with Phil Foden seventh.
Mason Mount of Chelsea came in 11th with 29 points.
“Thanks to Tuttosport for the Golden Boy Award 2019, I am very proud,” said Felix.
“It is the second time that a player from Atletico Madrid has won this award and I am happy.
“Thanks also to Benfica, in particular to coach Bruno Lage for all he has done for me and my family that is always close to me.”
The complete Golden Boy 2019 rankings:
1. Joao Felix, Atletico Madrid, votes 332
2. Jadon Sancho, Borussia Dortmund, 175 votes
3. Kai Havertz, Bayer Leverkusen, votes 75
4. Erling Haaland, Red Bull Salzburg, votes 74
5. Matthijs de Ligt, Juventus, votes 71
6. Ansu Fati, Barcelona, votes 49
7. Phil Foden, Manchester City, votes 46
8. Gianluigi Donnarumma, AC Milan, votes 37
9. Nicolo Zaniolo, Roma, votes 36
10. Donyell Malen, PSV Eindhoven, votes 35
11. Mason Mount, Chelsea, votes 29
12. Rodrygo, Real Madrid, votes 20
13. Vinicius Jr, Real Madrid, votes 13
14. Moise Kean, Everton, votes 13
15. Andriy Lunin, Real Valladolid, votes 11
16. Dejan Joveljic, Eintracht Frankfurt, votes 9
17. Matteo Guendouzi, Arsenal, votes 9
18. Alphonso Davies, Bayern Munich, votes 1