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The Real Madrid superstar was joined by a host of dignitaries, including Portugal president, Marcelo Rebelo de Sousa, as he was honoured.
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Thousands of fans trooped to the location to support the Portugal captain as a commemorative plaque was unveiled at the terminal of the airport's entrance.
Although, there were criticisms from certain quarters as to whether Ronaldo deserved such an honour, it is believed that Madeira regional government vetoed the move to have the town's airport named after him.
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As a native of Madeira, Ronaldo has been one of the most influential personalities to ever emerge from the tiny town.
And after leading Portugal to their first ever trophy during EURO 2016, the regional government deemed it fit to honour the Madrid man in such a way.
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In his speech, Ronaldo insisted he was proud "of my roots, my homeland" while thanking all stakeholders for such an honour.
The Maderia Airport will hencefort be known as the Cristiano Ronaldo Airport.
This comes after the four-time world player of the year winner was also honoured with his statue being raised in Funchal.