The 23-year-old saw off competition from the likes of Danish star Pernille Harder, of German club VfL Wolfsburg, and Brazil's Marta -- winner of FIFA's best player prize -- to take the prize organised by France Football magazine following a vote by journalists from around the world.
Hegerberg was one of seven players from the all-conquering Lyon side to feature among the 15 nominees, but she won out thanks to her prolific form in front of goal.
She was the top scorer with 15 goals as the French side won the Champions League for the third year running. One of her goals came in the final in Kiev in May, as Lyon came from behind to beat Wolfsburg 4-1 after extra time and retain the trophy. Harder had put the Germans in front in that game.
"I want to say thanks to my teammates because this would not have been possible without them, my coach or our president Jean-Michel Aulas," Hegerberg said at the ceremony at the Grand Palais, just off the Champs Elysees.
"I also want to thank France Football. This is a huge step for women's football."
Lyon also won the French title for the 12th season in succession, with Hegerberg top-scoring with 31 goals, and she continues to bang in the goals for her team who are top of the table again this season.
Hegerberg, whose elder sister Andrine plays for Lyon's biggest rivals in France, Paris Saint-Germain, is a Norwegian international but has not played for her country since their disappointing showing at Euro 2017 in the Netherlands.