Malkin collected seven goals and six assists in 14 games in November to edge Los Angeles Kings centre Anze Kopitar, Colorado Avalanche centre Paul Stastny and Anaheim Ducks defenceman Shane O'Brien for the honour.
Malkin began the month in historic fashion Nov. 1 at Los Angeles, becoming the first player in 89 years to tally goals in each of his first six NHL games. He added the game-winning goal at 2:45 of overtime in the Penguins' 4-3 victory. Malkin also tallied multiple points in a 6-3 loss to Ottawa Nov. 10, a 5-3 victory at Philadelphia on Nov. 20 and a 4-3 shootout loss to Boston on Nov. 22.
Also named the league's top rookie for October, Malkin is just the second player since Ron Hextall in 1986 to earn consecutive rookie of the month honours to start a season since the award was instituted in 1983-84.
Selanne led all NHL scorers with 23 points (10-13) in November.
Atlanta Thrashers winger Marian Hossa was the second star while Montreal Canadiens goaltender Cristobal Huet was the third star.
Selanne had a career-high and franchise record-tying five-assist game Nov. 19 against Phoenix and his 500th career goal Nov. 22 against Colorado.
Hossa ranked second to Selanne among NHL scorers in November, posting 22 points (10-12 assists) in 14 games.
Huet went 7-2-0 in November with a 1.63 goals-against average and .954 save percentage with two shutouts, helping the Canadiens (14-7-3) rise to second place in the Northeast Division.
Also considered were Calgary Flames goaltender Miikka Kiprusoff, Tampa Bay Lightning winger Martin St. Louis, Boston Bruins centre Marc Savard and Ducks defenceman Chris Pronger.