The promising racer said: "It's a slightly unreal feeling".
"The team gave me so much support all year long, even in the lowest moments".
The Prema Theodore driver won the title with a race to spare on Saturday at Hockenheim after a thrilling comeback which saw him claim five consecutive victories to overhaul long-time leader Daniel Ticktum, with the British driver struggling in recent races.
His first F3 title means Schumacher has qualified for a FIA "super licence", a prerequisite for the jump to Formula One, and follows on from his father, who won the German F3 championships 28 years ago.
"I am just happy that I can be here and really live the moment."
Schumacher, son of former multiple Formula One champion Michael Schumacher, raises the trophy as overall victor in FIA Formula 3 European Championships.
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Schumacher's father won the German F3 title in 1990, a year before his Formula One debut with the Jordan team and subsequent switch to Benetton.
"He has shown that he has what it takes and that he can become one of the greats in our sport".
The German was undoubtedly the standout driver of the second half of the season.
Michael Schumacher, the most successful driver in Formula One history, has not been seen in public since he suffered severe head injuries in a skiing accident in France in December 2013.
Schumacher scored his maiden win in the third race of the season at Oschersleben for the Van Amersfoort Racing team, but eventually finished tenth overall after only two podium places.
The crown also qualifies him to race in Formula 1 next season, although there are only a few open rides and the more obvious goal of conquering Formula 2.