Blues midfielder Steve Davis was also named Player of the Month.
The Glasgow club claimed four victories last month, including a 4-2 Old Firm win against Celtic at Ibrox.
"It's very pleasing to receive the award and I don't think there is any doubt that Steve Davis has been outstanding for us and thoroughly deserves his award," said McCoist.
"It's an indication that our form in the SPL has been more than acceptable."
Rangers, who currently sit top of the SPL table, entertain St Mirren today (Saturday).