Bayern Munich goalkeeper Manuel Neuer and Bayern Munich winger Arjen Robben were also up for the award.
"I'm really happy so I must say thanks to my team-mates because without the team, individual awards would not be possible. I don't have this trophy in my museum, so my brother is going to put it there," Ronaldo said.
Last season, Ronaldo broke the record for goals by a player in a UEFA Champions League campaign with 17. Ronaldo and Madrid won their tenth European title.
Last year, Bayern Munich's Franck Ribery won the award.
The winner was decided by a jury made up of journalists from the 54 member associations of UEFA in a live vote.
- Sarah Barshop