The former Lyon striker is also the fifth Frenchman to win the prize.
Karim Benzema was awarded the Ballon d'Or for his amazing success with Real Madrid at a star-studded gala in Paris on Monday, while Spain's Alexia Putellas retained the women's title.
Benzema, the first French winner of the FIFA World Player of the Year award since Zinedine Zidane in 1998, scored 44 goals in 46 games for Real Madrid last season as the club won the Champions League and La Liga.
He scored 15 goals in the Champions League, including hat-tricks in quarterfinal games over PSG and Chelsea, as well as three more in both legs of a dramatic semi-final victory over Manchester City.
The 34-year-old, who also won the UEFA Nations League with France, takes over Lionel Messi, who was not nominated this year after winning the award for the seventh time in 2021.
"The Ballon d'Or might be individual but it's still a collective award. This is the Ballon d'Or of the people," Benzema declared.
"Winning this trophy was always something that was in the back of my mind," he added.
Benzema pushed Sadio Mane into second place, although the Bayern Munich and Senegal star did have his off-field work recognised as he was given a new award named after former Brazil star Socrates.
Kevin De Bruyne of Manchester City was third, with Barcelona striker Robert Lewandowski coming fourth.
Winning the award, organised by France Football magazine, caps a remarkable career revival for Benzema, who was frozen out of the France team for five and a half years because of his involvement in a blackmail scandal over a sextape involving teammate Mathieu Valbuena.
He was later handed a one-year suspended prison sentence and fined 75,000 euros ($73,848).
He returned to the national team for last year's European Championship and will now go to the World Cup in Qatar with France next month.
"There were moments that were much more difficult for me, for example when I wasn't with the national team, but I am really, really proud of my journey," he added.
Meanwhile, Spain's Alexia Putellas won the women's Ballon d'Or for the second year running on Monday, the reward coming after a season in which she was the top scorer as her club Barcelona reached the Champions League final.
The 28-year-old Putellas saw off stiff competition, notably from three stars of the England team that won the European Championship, to take the award following a campaign which also saw Barcelona win a domestic league and cup double.
"It makes me even more annoyed to be injured, but I am very happy to be here," Putellas said.
"To retain the trophy is much harder. When I injured my knee I thought my chances of winning it had gone but in the end the jury based their decision on the whole of last season, of which I only missed one month."
The 28-year-old edged out Beth Mead, who scored six goals for the England side that won the Euro on home soil.
Sam Kerr of Chelsea and Australia came third.
It is just the fourth time a women's Ballon d'Or has been awarded, with Norway's Ada Hegerberg winning the inaugural prize in 2018 and Megan Rapinoe triumphing in 2019.
There was no ceremony in 2020 due to the pandemic, before Putellas won her first a year ago.
Her injury means she is unlikely to make it a hat-trick next year, although she hopes to play again this season.
"The knee is doing well. I just need to focus on recovering and if everything goes as I hope -- and as the doctors and my club hope -- I will be back playing this season," she said.
READ| Ballon d'Or Ceremony 2022 Live Streaming Details: When and where to watch online and on TV in India?
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