Coming into his sophomore season, Bey was named to the Julius Erving Award watchlist. On December 4, Bey scored 27 points to lead Villanova to an 80–69 win over Penn. He had a career-high 33 points including eight three-pointers on January 11, 2020, to help the Wildcats to a 80–66 victory over Georgetown. Bey scored 18 points the following game in a 79–75 overtime win against DePaul. At the conclusion of the regular season, Bey was unanimously selected first-team All-Big East. Bey was named the winner of the Robert V. Geasey Trophy as the top player in the Philadelphia Big 5. Bey won the Julius Erving Award at the end of the season as the nation's top small forward. Bey was the third Villanova player to win the award in the previous six seasons, following Josh Hart in 2017 and Mikal Bridges in 2018. He averaged 16.1 points, 4.7 rebounds, and 2.4 assists per game as a sophomore.