The regeneration scheme won the Great Street Award in the 2022 Urbanism Awards.
Organised by the Academy of Urbanism, the awards recognise "the best, most enduring or most improved urban environments".
Convener of Perth & Kinross Council's Environment, Infrastructure and Economic Development Committee Councillor Andrew Parrott attended Thursday's awards ceremony.
He said: "The creation of a cultural quarter in Mill Street has been so successful it can be hard to remember what the street was like before.
"Its transformation has created a public space that is not only more attractive, but also more inclusive and welcoming for our residents and visitors.
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"I was delighted to accept this award on behalf the Council and offer my own congratulations to the Place Development Team for their work on this project."
The awards were presented by poet and broadcaster Ian McMillan, who wrote poems for each nominated finalist.
His poem on Mill Street described it as "a shining jewel/recharging this place for all that it is worth".
Other locations nominated for the Great Street Award were Barnes High Street in London and Solar Avenue in Leeds.
Mill Street was originally a back lane inside, and adjacent to, medieval Perth's city walls.
Before its redevelopment it had become a "back door" for shops and other premises on the High Street, used primarily for deliveries and bins.
In 2014, the Council agreed to an ambitious plan to create a new "cultural quarter" in the city centre, connecting the remodelled Perth Theatre, Perth Concert Hall and the Museum and Art Gallery that was safe for pedestrians and would revitalise the city centre.
Horsecross Plaza, outside the Concert Hall, also provides a venue for outdoor events and spectacular "in bloom" displays each summer.
The vennels connections Mill Street to the High Street, - Skinnergate, Guard and Cutlog, were also improved. Cutlog Vennel, which runs alongside Perth Theatre has recently become home to an illuminated installation by renowned Scottish artist Nathan Colley.
