The reigning FIFA Men’s Player of the year produced the highest number of goals since Cristiano Ronaldo scored 48 goals to win the award in the 2014/2015 season.
Lewandowski scored 11 more goals than nearest challenger Lionel Messi, who scored 30 La Liga goals in his final season with Barcelona.
Ronaldo came third with 29 Serie A goals for Juventus while Erling Haaland and Kylian Mbappe completed the top five with 27 goals each for Borussia Dortmund and Paris Saint Germain.
Lewandowski was widely expected to win the highly coveted Ballon d’or last year but the award was cancelled after the coronavirus pandemic disrupted the footballing calendar in Europe.
Nonetheless, the Poland international broke Gerd Muller’s long-standing 40-goal haul in the Bundesliga, which had stood since the 1971/1972 season.
"I dedicate this award to all the people who are by my side every day," Lewandowski said after receiving his award.
"I'd like to thank my family, my teammates, the coaching staff and the whole of FC Bayern. I couldn't win titles like these without their support."
"In sport, like in life, it's crucial that you value each other, support each other, are always fair with each other and try to be a role model for others. I'm very happy with what we've achieved together as a team."
Lewandowski has started this season in typical ruthless fashion, scoring 11 goals in seven appearances across all competitions.