The New Year kicked off in fine style as Lambert guided his side to three wins and two draws from five league games in January.
Colchester currently find themselves in 12th place as they bid to make ground on the division's play-off pack.
Lambert beat off stiff competition from Leicester boss Pearson, Scunthorpe's Adkins and Bristol Rovers chief Trollope to win January's gong.
Chris Kamara, chairman of the Coca-Cola Manager of the Month Awards panel, said: "Paul Lambert has done an amazing job at Colchester since taking charge in October last year.
"He has now made the most successful league start of any manager in charge of the U's which is a tremendous achievement and underlines the progress the club is making under him.
"Rather than being relegation threatened Paul has transformed the team's fortunes to the extent that a play-off place is fast becoming a realistic target."