McKinnon, 45, led the Kirkcaldy club to five victories last month, including notable wins over promotion rivals Hibernian and Greenock Morton.
Rovers, who drew 3-3 with league leaders Rangers on Saturday, are fourth in the Championship and have all but secured a place in the play-offs.
Ex-Brechin City manager McKinnon took charge at Stark's Park last year.
Raith Rovers' Ray McKinnon has been named Scottish Championship manager of the month for March.