Ronaldo scored 15 goals in the Champions League last season and after Real Madrid's success over Liverpool in the final, it seemed inevitable that The Best award was headed his way.
The midfielder led his national team to their first ever World Cup final in Russian Federation this year but lost 4-2 to eventual winners France in July.
The Fifa Fan Award went to Peru's supporters who caused absolute scenes (in a good way) in Russian Federation this summer as the national team made their way to their first World Cup tournament in 36 years.
"It is a great honour and feeling to stand here with this trophy [the Best award]", said Modric.
"I'm really proud and happy to have won this trophy and want to thank everyone who voted for me", Courtois said.
Named after former Ballon d'Or victor Raymond Kopa - who died previous year - the award will be given to a player under the age of 21 who has lit up world football.
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Since his Premier League debut on February 3, only Liverpool's Mohamed Salah (16) has scored more goals than Aubameyang's 12. But also we have three goalkeepers and Petr Cech is in good form", he added.
Ronaldo, who left Madrid in the off-season to join Italian champion Juventus, was knocked out of the World Cup in the round of 16 with European champion Portugal.
There was a great deal of confusion when Salah received the Puskas Award for his effort against Everton.
Federation Internationale de Football Association will crown the best players, coaches and goal from the a year ago when it hosts The Best awards ceremony and gala in London on Monday, September 24.
Messi was also nominated for the Puskas Award for the best goal.
The award victor will emerge from a vigorous process which had a voting process involving fans, national team coaches and captains and journalists from across the globe.
Meanwhile, Didier Deschamps won Men's Coach of the Year ahead of Croatia's Zlatko Dalić and Zinedine Zidane.
Best Goalkeeper award: The best goalkeeper was by Belgian worldwide and Chelsea goalkeeper, Thibaut Courtois.