The Portugal marksman was voted ahead of Real Madrid team mate Gareth Bale and Atletico Madrid's Antoine Griezmann.
Cristiano Ronaldo was voted the UEFA's 2015-16 'Best Player in Europe' ahead of his Real Madrid team mate Gareth Bale and Atletico Madrid's Antoine Griezmann.
The 31-year-old Portuguese marksman received the accolade for the second time in his career, having played a key role in his country's triumph at Euro 2016..
“I'm obviously delighted to receive this award; it's been an incredible season. But these two other players deserve it as well," said Ronaldo, who also won the prize in 2013-14.
Ronaldo struck the winning spot-kick as Real claimed a record 11th European Cup title, beating city rivals Atletico on penalties in May, before leading Portugal to Euro 2016 glory.
He scored three goals en route to the final of the tournament to equal France's Michel Platini's record of nine goals in the European Championship finals.
Journalists from each of UEFA's 55 member associations voted for the award.
Ronaldo scored 51 goals in 48 games in all competitions for Real, who won the Champions League and finished runners-up to Barcelona in La Liga last season.
"We are really happy because two Real players were among the best in Europe," said club president Florentino Perez.
Norway striker Ada Hegerberg won the women's award, ahead of France's Amandine Henry and Dzsenifer Marozsan of Germany, after helping Lyon lift the Women's Champions League trophy in addition to the French league and Cup double.
