The 22-year-old becomes the first fly-half since Dan Parks in 2010 to take home the club's most prestigious award, edging out Robert Harley, Ryan Wilson and Enrique Pieretto.
Only Duncan Weir reached 100 points for the club in fewer minutes than Thompson, whose form was rewarded with a first-ever selection for the senior Scotland setup ahead of this summer's tour to Romania and Georgia.
Voted for by the 2020/21 Glasgow Warriors squad, Rufus McLean's score against the Dragons back in March was the clear winner in the Try of the Season category.
Picking the ball up inside his own 10m line, the winger - who also studies at the University of Strathclyde - jinked his way past three defenders, before turning on the afterburners to sail past the Dragons defenders on a sublime outside arc.
The former Scotland U20 flyer beat out stiff competition for the award, including scores from fellow young guns Ross Thompson, Cole Forbes and Jamie Dobie.
Argentinian international Enrique Pieretto was named as the 2020/21 Mackenzie Construction Most Improved Player of the Season, capping an impressive first full campaign with the Warriors.
Having made his debut in the rescheduled clash with Edinburgh at the end of the 2019/20 season, the tight-head made 19 appearances in Glasgow colours across the course of this campaign.
The 26-year-old has provided a physical presence in defence in his outings to date, as well as providing a tough presence at the set-piece for Danny Wilson's men.
A new award for 2020/21, David Parr of Paisley RFC was named as the SP Energy Networks Community Hero of the Year in recognition of his work both on the field and in his local community.
The Community Engagement Officer has ensured that his club remains at the heart of the local community in Paisley, helping to ensure that Paisley's facilities benefit not only the club but other activities within the local area.
He was also heavily involved in the launch of Paisley's Women's and Girls section in September 2020, which has gone from strength to strength in the following nine months.
Voted for by his squad-mates, Ryan Wilson takes home the 2020/21 Denholm Energy Services Players' Player of the Season prize after a campaign unlike any other in Glasgow's professional history.
Co-captain of the club for the fourth season running, Wilson's traditional brand of physical ball-carrying and refusal to take a backwards step continues to galvanise his team-mates, playing 1362 minutes across all competitions and being a near omnipresent figure in Danny Wilson's team selections.
It's the first time in the back-rower's 11 years at the club that he has taken home this award, as he approaches 200 appearances in a Glasgow Warriors jersey.
After a breakout international season, George Turner has been named as the 2020/21 Harper Macleod Test Player of the Season.
The hooker impressed with ball in hand during the 2020 Autumn Nations Cup campaign, touching down in victory over Italy in Florence.
A barnstorming performance on his Guinness Six Nations debut then helped Scotland to a famous 11-6 victory over England at Twickenham, before going on to showcase his dynamism in attack and defence by featuring in all five matches in the competition.
Kyle Steyn takes home the 2020/21 The Famous Grouse Coaches Award, with Head Coach Danny Wilson and his coaching team paying tribute to the Scotland international’s unseen work in a challenging season for the 27-year-old.
After suffering a long-term injury in pre-season ahead of rugby's return, the former Scotland 7s man set about his rehab with the medical team with dedication, as well as putting in the hours with the analysis team to help those selected prepare in the best possible manner.
His efforts off the field were rewarded with a return to action in the Guinness Rainbow Cup, a competition in which Steyn has thrived; the winger has touched down for three tries, as well as beating 13 defenders - more than any other Warrior.
Fly-half sensation Ross Thompson made quite the impression in 2020/21, capping off an outstanding breakout campaign by picking up the Land Rover Young Player of the Season award.
Having only made his professional debut in January, the 22-year-old has routinely caught the eye during his 14 outings in Glasgow colours to date, his confidence and poise belying his relative inexperience.
A Player of the Match-winning performance against Edinburgh at Scotstoun on his first start served notice of what was to follow, with Thompson's nerveless kicking steering the Warriors to a 23-22 victory over their 1872 Cup rivals.
Ryan Wilson takes home The Malcolm Group Leadership Award for the third successive season, as the club co-captain once again led from the front throughout a campaign unlike any other.
The back-rower featured in all bar one of Glasgow's fixtures across the 2020/21 season, missing only the visit to the Dragons in March due to being called up to earn his 50th cap for Scotland.
Off the field, too, Wilson has helped to drive the club's culture, routinely going out of his way to ensure that new arrivals - both from the FOSROC Scottish Rugby Academy and from further afield - are welcomed to the Warriors with open arms.