The 29-year-old helped Chelsea to Champions League success in May and followed that up by winning Euro 2020 with Italy six weeks later.
He started every game for Italy and missed just one match for the Blues in their run to continental glory as he became the 10th player to win both competitions in the same year.
Former Napoli midfielder Jorginho edged out Chelsea team-mate N'Golo Kante and Manchester City playmaker Kevin De Bruyne for the award at Thursday's ceremony in Istanbul.
It is the first time in the award's 11-year history that the top three was comprised exclusively of midfielders.
Lionel Messi, Robert Lewandowski, Kylian Mbappe, Cristiano Ronaldo and Erling Haaland were notable absentees from the three-man shortlist.
The award, which is based on performances at club and international level over the course of a season, was last year won by Lewandowski.
Jorginho's memorable campaign
The role Jorginho played in Italy's triumphant Euro 2020 campaign likely cemented the award, the deep-lying playmaker leading the way in a number of areas.
Jorginho topped the list for interceptions (25), recoveries (48) and fouls won (19), rightly earning himself a spot in the official Team of the Tournament.
He was just as important to Chelsea's second ever Champions League triumph, with no midfielder intercepting the ball more times (26), while only four players in his position completed more than his 662 passes.
Despite an underwhelming Premier League campaign on the whole for the Blues last time out, Jorginho topped the scoring charts with seven goals in total, each of those coming from the penalty spot.