Fagerson, a product of the BT Sport Scottish Rugby Academy, has received the Sir Willie Purves quaich from Friends of Scottish Rugby as Young Scottish Player of the 2017/18 season.
The 19-year-old follows in the footsteps of the likes of Jonny Gray, Finn Russell and Mark Bennett in collecting the prize.
Fagerson, younger brother of Glasgow Warriors and Scotland tight-head Zander, has been named among the six uncapped players who will tour with Scotland to Canada, USA and Argentina this summer.
Speaking to glasgowwarriors.org, Matt Fagerson said: "It feels awesome to win this award.
"Guys like Jonny (Gray), Finn (Russell) and Mark (Bennett) have won it before and it's a very prestigious award, so it's a massive honour to recieve it."
Friends of Scottish Rugby - Young Scottish Player of the Season - Roll of Honour
2000 - Donnie MacFadyen
2001 - Andrew Wilson
2002 - Allister Hogg
2003 - Chris Cusiter
2004 - Mark McMillan
2005 - Stuart Corsar
2006 - James Eddie
2007 - Moray Low
2008 - Sean Crombie
2009 - Richie Gray
2010 - Alex Blair
2011 - Duncan Weir
2012 - David Denton
2013 - Sean Kennedy
2014 - Jonny Gray
2015 - Finn Russell
2016 - Mark Bennett
2017 - Magnus Bradbury
2018 - Matt Fagerson