Coventry finished top of the second tier Championship by 11 points to return to the top flight, all while playing an attractive brand of attacking football.
Former England midfielder Lampard edged out seven other coaches, including Arsenal's Mikel Arteta, to take the Sir Alex Ferguson Trophy at the League Managers Association (LMA) awards on Tuesday.
"Your personality as a manager and a leader is so clearly defined in how your team has played great football this season, with confidence and self-belief, and I've enjoyed watching them," said former Manchester United boss Ferguson.
Spaniard Arteta was named Premier League Manager of the Year at the awards after guiding Arsenal to their first league title in 22 years.
Andree Jeglertz took the Women's Super League Manager of the Year Award after his team won the league and reached Sunday's Women's FA Cup Final in his first season in charge.