The Portuguese skipper won the award ahead of Madrid team-mate Gareth Bale, and Atletico Madrid French striker, Antoine Griezmann.
Ronaldo joins Barcelona talisman Lionel Messi as the only player to have won the award twice.
The 31-year-old said of the award, “It’s a great honour. My team-mates are the key – they are the key every year.
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“I work hard myself but without their help this would not be possible. Thanks to my team-mates from Real Madrid and Portugal.
“Winning EURO was different because I’ve won the Champions League three times now.
“To win something with Portugal was the highlight of my career,” he added.