The Norwegian Barcelona star was one of five nominees for the prestigious award Ada Stolsmo Hegerberg has received twice before.
Zambian Barbra Banda received the most votes in the final round. She plays daily in the American Orlando Pride.
– I am shocked and surprised to sit with this award by my side, says the 24-year-old striker to the BBC.
– I would like to thank those who voted, and everyone who has played a part in my life and my career – my family, my national team in Zambia and especially the Pride players, she adds.
The BBC award is based on performances delivered in the period September 2023 to August 2024. Banda was named the most valuable player in the American League last season.
Alongside Banda and Graham Hansen, Aitana Bonmatà (Barcelona), Sophia Smith (Portland Thorns) and Naomi Girma (San Diego Wave) were nominated.
Bonmati, who recently received the prestigious Ballon d’Or, finished second in the voting. Smith was third, but it is not known whether Graham Hansen was fourth or fifth.
Barbra Banda scored four goals for Zambia during the Paris Olympics and scored 13 goals for the club team last season.
A selection of experts, coaches, players and journalists selected the five nominees.
Ada Stolsmo Hegerberg won the award in both 2017 and 2019.