Politicians on the island decided to change the airport's name after Ronaldo's efforts in Portugal's Euro 2016 success - the country's first major international title.
The Real Madrid star took the European Championship trophy to the island, where he is already immortalised, earlier this week.
Funchal has a Ronaldo statue and museum, as well as the Pestana CR7 Funchal Hotel, a second of which has since been opened in Lisbon.
He returned to the airport on Wednesday morning for the official renaming ceremony, where fans came out to get a glance of their hero.
Ronaldo scored the opener in the 3-2 friendly defeat to Sweden on Tuesday night, as he played an hour at the Estadio dos Barreiros in Funchal.