Clearly the most consistent player across the five Tests, Bumrah is only the second Indian to win the award in a losing series after the legendary Sachin Tendulkar did the same in the summer of 1999/2000.
Bumrah took 32 wickets at 13.06 for the series in what was hailed as one of the most dominant showings from a visiting quick in Australia in history.
Jasprit Bumrah in action on day one of the fifth Test. (Dan Himbrechts/AAP PHOTOS)
The gong made for a bittersweet end to the series for the stand-in captain, who was reduced to watching from the sidelines as Australia successfully chased 162 runs for victory on day three in Sydney.
Bumrah had gone for scans after experiencing back spasms during the second day of the Test and was unable to bowl on day three, having apparently reached breaking point after bowling 151 overs for the series.
"A little frustrating but sometimes you have to respect your body. You can't fight your body," Bumrah said.
"A little disappointing that I probably missed out on the spiciest wicket of the series but that's the way it is."
Bumrah's fitness had been the subject of interest throughout the series, with the 31-year-old previously having to overcome a groin complaint during the second Test in Adelaide last month.
He could be overheard telling then-skipper Rohit Sharma on day four in Adelaide: "Enough now, I'm not able to push more."
India's captain remained in the pavilion after lunch on Sunday, ruling out any chance of him returning to bowl.
After Australia's win, Bumrah reflected on a series that finished at 3-1 in the hosts' favour, but could have swung to 2-2 had six more wickets been taken by the Indians on day three.
"Lots of ifs and buts because the whole series was well-fought and today as well. We were in the game. It was not like it was totally one-sided," Bumrah said.
"This is how Test series go in the nervy moments, whichever team holds their nerve for the longest time and sticks together will win the series.
"It was a well-fought series, a lot of good learnings for us ... being in the game for longer, creating pressure and sometimes absorbing pressure when the wickets are difficult and sometimes playing to the situation."
Australian quick Scott Boland was named player of the match for taking 10 wickets in the decisive SCG Test - the first time he had achieved that feat at first-class level.
Scott Boland was named player of the match following his second innings haul of 6-47. (Dan Himbrechts/AAP PHOTOS)
"It's been a really enjoyable couple of months," Boland said.
"I probably didn't expect to play too much of a part this series but I prepared as if I was going to. The last few weeks have been awesome."