Price has made a huge contribution to the team's success in the British and Irish Cup where Keys made the final but were beaten 31-12 by Munster A in the cross-border competition.
He also earned himself a call up to the Principality Premiership XV that faced Georgia International XV at the Brewery Field in Bridgend in March.
"It's great to be given this award in my first season with Cross Keys," said Price.
"This season in the Principality Premiership has definitely been my most enjoyable since playing in the Premiership, we've done really well reaching two Cup Finals, everyone likes to see hard work pay off.
"Everything about Cross Keys is fantastic at the moment, I really enjoy working with all the coaches and the players are a great bunch which all creates a very positive atmosphere at the club.
"Getting the opportunity to play in the Principality Premiership XV was a brilliant experience and definitely worthwhile. It was good having a full Cross Keys in the front row," he added.
Price is a deserved winner of the Principality Award according to Team Manager Mark Prangell: "Gerwyn more than deserves this award, he has made a huge impact since joining Cross Keys at the start of the season.
"He brought with him a wealth of experience and that has proven a massive asset to the team. He's a solid player and reliable, getting a call up to the Premiership XV was testament to his hard work and work rate on the field, we're really pleased for him."
Stephanie Hicks, Principality Branch Manager at Blackwood, said: "Our warmest congratulations to Gerwyn. He is not the first Cross Keys player to pick up the prestigious player of the month award this season - testimony to the current level of talent at the club.
"The club has had a fantastic season and we are delighted to see them finish in the top six in the Premiership. We hope that they will continue to build on this success next season."
Price has made 29 appearances this season for Cross Keys, scoring four tries. He has Wales honours at U18 and U21 level.