The 22-year-old picked up the gong after his match-winning strike in the 2-1 victory at home to Crawley on January 18.
With the score at 1-1, McDonald turned inside with the ball from the left flank and curled a looping effort over the Crawley goalkeeper in the 88th minute.
The ball clipped the underside of the bar as it nestled into the top corner.
McDonald fought off competition from Colchester United’s Callum Harriott, for his strike against Macclesfield, and Arthur Gnahoua who was nominated for his 30-yard volley against Forest Green Rovers.
He won 44 per cent of the voting, while Harriott came second with 36 per cent and Gnahoua finished last with 20 per cent.
“I’m delighted to win the award and I’m thankful to everyone who voted for me, it’s a great feeling,” McDonald said.
“I’ve been delighted with how it’s gone. I extended my stay here and I feel at home.
“I’ve been working on getting as many goals and assists as I possible so hopefully, I can get to the 10-goal mark.
“I’m enjoying my football and I want to crack on and continue getting points.”
Former Wolves striker Don Goodman – who also helps judge the goal of the month – added: “With the game appearing to be petering out to a 1-1 draw, McDonald took matters into his own hands.
“As he received the ball on the touchline level with the 18-yard box, Crawley must have felt fairly safe.
"But moments later after bamboozling several defenders with dazzling footwork, he manipulated the space to curl the most magnificent shot beyond the goalkeeper, crashing in off the underside of the bar, just for more dramatic effect.