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The BBC One Saturday morning show won the Best Entertainment category at the fourth Children's Bafta Awards.
Theakston was among guests at this evening's awards ceremony at the Hilton Hotel in central London.
The ceremony was hosted by Katy Hill, presenter of children's favourite Blue Peter, which was not nominated for any awards this year.
The BBC made or co-produced five of the 11 main winners, including the categories for Best Animation and Best Drama.
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Newer channels, such as specialist children's station Nickelodeon and Welsh-language S4C, also had a look-in, winning an award each.
The British Academy of Film and Television Arts, which chooses Bafta winners, also honoured the creators of The Muppets, the children's classic which gave the world Kermit the Frog among others.
The Jim Henson Company, represented by boss Brian Henson, was presented with a special award to mark its outstanding achievement in children's entertainment.
Roy Thompson, head of children's commissioning at the BBC, paid tribute to the success of the programmes produced by his department.
He said: "Children's BBC is extremely happy to continue to win awards for its distinctive and quality programmes."
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British Academy of Film and Television Arts
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The Jim Henson Company
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