Ronaldo received the accolade during Thursday's UEFA Champions League group stage draw.
Two of his Madrid team-mates - Sergio Ramos and Luka Modrić - also won inaugural positional awards, with Juventus captain Gianluigi Buffon taking the best goalkeeper prize.
Ronaldo helped Real to a second consecutive Champions League title and finished as the tournament's top scorer with 12 goals last season.
Piglets that were saved from fire served for dinner at fire station
The department took to its Facebook page in a since-deleted post to share a photo of the sausages as they were being grilled, writing that it "highly recommended" the meat, which tasted "fantastic".
The 32-year-old justifiably claimed the awards after helping Los Blancos win the famous trophy for the third time in four seasons. His thrid European Player of the Season award puts him ahead of Argentine Lionel Messi, who has two such awards to his name. Real Madrid had also clinched the La Liga award, the UEFA Super Cup and more recently the Spanish Supercopa.
Netherlands and Barcelona star Lieke Martens was voted women's Player of the Season.
Messi had won a record equalling fourth career European Golden Shoe in 2016/17, while Buffon was a domestic double victor in Italy and Champions League finalist. Players are judged on all their performances throughout the season though: domestic, continental and global.
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