The four-time Ballon d'Or winner won a La Liga and Champions League double with the Madrid club this year, striking twice against Juventus in the European Cup final to help Real become the first team to retain the trophy in its current format.
The Best FIFA Men's Player award and the Ballon d'or, which is voted for only by the media, are now separate awards.
Real Madrid's French coach Zinedine Zidane won the manager of the year trophy for his part in the club's success.
Arsenal striker Olivier Giroud won the Puskas Award for the best goal of the year, which was the Frenchman's scorpion kick against Crystal Palace, and Buffon was declared best goalkeeper.
The Netherlands' Lieke Martens won best female player of the year, while the Dutch women's national team coach Sarina Weigman was voted best manager after the team's triumph at Euro 2017.