Three successive wins to close out March, which included victories at Fulham and Brentford, lifted Wolves out of the bottom three and vindicated Lambert's trust in his side to turn good performances into points.
Lambert said: "It's really pleasing to win the award. First and foremost, I've got to thank the players, they're the ones that actually play the games and get results and they've come through a little sticky patch and the form has been excellent. I'm really delighted for everybody at the club.
"I think the Brentford game, we were excellent from start to finish, I think we played really well and that was the catalyst to the next game against Fulham which was really tough as well.
"We need to keep carrying on winning. I think that's important. At this moment we're six unbeaten, with five wins so we have to keep climbing the table as far as we can. Hopefully that stands us in good stead for next season."
The January signing from League Two side Morecambe scored five goals in four games during March to help Simon Grayson's side to two wins and a draw.
He is the second successive North End player to win the award following Aiden McGeady's February honour.