"It is amazing and a big honour for me to win trophies like this in the English Premier League. I am very proud.
"My colleagues have voted for me and that is fantastic because the players know the qualities of players," he added.
"I want to keep working hard and getting better because these trophies have now given me more motivation."
Speaking of trophies, United remain on course for a Premiership, FA Cup and Champions League treble, with Ronaldo having a lot to do with his side's excellent run of form.
Chelsea striker Didier Drogba was voted second and Manchester United midfielder Paul Scholes third in the Player of the Year award.
Manchester United veteran Ryan Giggs, last year's winner Steven Gerrard of Liverpool and 19-year-old Arsenal midfielder Cesc Fabregas also made the six-player shortlist.
Learning every day
Ronaldo, who has scored 16 Premiership goals so far this season, said he was enjoying his football and was looking to improve his game further.
"At this moment, I am consistent. I am more mature now and I am playing better," he said.
"Everything is right this season and I am really enjoying it.
"I am still young and I am learning more every day."
Fabregas finished runner-up in the young player category, with 20-year-old Tottenham winger Aaron Lennon third.
Ronaldo's team-mate Wayne Rooney was also short listed for Young Player of the Year, along with Reading striker Kevin Doyle, 23, and 18-year-old defender Micah Richards of Manchester City.
Team of the year
Manchester United took centre stage with eight of their players making it into the Premier League team of the year and manager Sir Alex Ferguson being honoured with the PFA Special Merit Award.
Ferguson paid tribute to Ronaldo, who joined United from Sporting Lisbon in August 2003 on a $24.4 million deal.
"At this moment in time, I think he is the best player in the world and his season has been incredible," Ferguson said.
The PFA 2007 team of the year was: Edwin van der Sar (Manchester United); Gary Neville (Manchester United), Nemanja Vidic (Manchester United), Rio Ferdinand (Manchester United), Patrice Evra (Manchester United); Ryan Giggs (Manchester United), Paul Scholes (Manchester United), Cristiano Ronaldo (Manchester United), Steven Gerrard (Liverpool); Didier Drogba (Chelsea), Dimitar Berbatov (Tottenham).