The awards dropped hours after a senator from Trump's own Republican party hurled a stinging rebuke at the president, accusing the US leader of undermining the free press with Stalinist language.
The brash Republican president announced the ten "honorees" using his preferred medium of Twitter, linking to a list published on the Republican Party's website that crashed minutes after his big reveal.
The "winners" of the spoof awards included top networks and newspapers CNN, The New York Times and The Washington Post, all of which have been regular targets of Trump's ire.
Nobel-prize winning economist Paul Krugman, who writes a regular opinion column for The New York Times, nabbed the number one spot.
The administration said he merited the award for writing "on the day of President Trump's historic, landslide victory that the economy would never recover."
Following the former reality star's stunning rise to power, Krugman had written that Trump's inexperience on economic policy and unpredictability risked further damaging the weak global economy.
The list also pointed to a reporting error from ABC's veteran reporter Brian Ross, who was suspended for four weeks without pay after he was forced to correct a bombshell report on ex-Trump aide Michael Flynn.
In follow-up tweets to his "Fake News" announcement, the commander-in-chief posted that "despite some very corrupt and dishonest media coverage, there are many great reporters I respect and lots of GOOD NEWS for the American people to be proud of!"
"Together there is nothing we can't overcome -- even a very biased media. We ARE Making America Great Again!"
Earlier in the day Republican Senator Jeff Flake had slammed what he called the president's dangerous disregard for the truth, and his designation of the mainstream news media as an "enemy of the people."