Matthews led the NHL with 12 goals and placed second with 21 points in 11 games to propel the Maple Leafs to a 9-2-1 February and the top of the league standings.
The 23-year-old Scottsdale, Ariz., native leads the NHL with 18 goals through 20 games this season.
He has 176 career goals in 302 contests since making his NHL debut in 2016-17.
Matthews has missed Toronto's last two games with a wrist injury. He is listed as day-to-day.
Chicago Blackhawks right-wing Patrick Kane (Central Division) , San Jose Sharks centre Logan Couture (West) and Boston Bruins right-wing David Pastrnak (East) are the NHL's other stars of the month.
Meanwhile, Ottawa Senators winger Tim Stützle was named the NHL's rookie of the month for February.
Stutzle led rookies with seven assists and 10 points in 14 February games.