Kathryn Bigelow, who also directed the Iraq war film, was awarded the Darryl F. Zanuck Producer Of The Year Award at the ceremony, which she shared with fellow producers Mark Boal, Nicolas Chartier and Greg Shapiro.
The Hurt Locker competed against ten other films to take home the prize, including Quentin Tarantino's Inglourious Basterds, Up In The Air and Avatar, which was helmed by her ex-husband James Cameron.
And she was stunned by her win, admitting, "This is absolutely incredible (for) a tough little war film that was shot in the summer in the Middle East."
Other winners at the 21st Annual PGA Awards included Up in the Best Animated Picture category and The Cove for Best Documentary.
U.S. sitcom 30 Rock landed Best TV Comedy Series, while Mad Men was handed Best TV Drama Series.
Precious: Based on the Novel Push by Sapphire was honoured with the Guild's Stanley Kramer Award, handed out to pictures which tackle provocative social issues.