Modric, who has had a stellar year for club and country, was also named Midfielder of the Season for the second successive year.
As expected, Los Blancos cleaned up at the awards ceremony after lifting a third successive Champions League title last season.
Sergio Ramos picked up the Defender of the Year, while Keylor Navas scooped the Goalkeeper of the Year accolade.
Former Manchester United and Real Madrid star David Beckham was honoured with the President's award.
UEFA President's award: David Beckham
UEFA Champions League Goalkeeper of the Season: Keylor Navas (Real Madrid)
UEFA Champions League Defender of the Season: Sergio Ramos (Real Madrid)
UEFA Champions League Midfielder of the Season: Luka Modric (Real Madrid)
UEFA Champions League Forward of the Season: Cristiano Ronaldo (Real Madrid)
UEFA Women's Player of the Year: Pernille Harder (Wolfsburg & Denmark)
UEFA Men's Player of the Year: Luka Modric (Real Madrid)