Goalkeeper Buffon led Juventus to a sixth successive Serie A title, a third-straight Italian Cup success and a runner-up finish in the Champions League.
Messi claimed the Spanish King's Cup with Barcelona and finished as La Liga's top scorer with 37 goals last season.
The three-player shortlist was selected by a panel of 80 coaches of the clubs which participated in the group stage of the 2016/17 Champions League and Europa League and 55 journalists selected by the European Sports Media (ESM) group, representing each of UEFA's member associations.
Messi and Ronaldo have both won the award twice, with the Portugal international voted winner last year.
VfL Wolfsburg striker Pernille Harder, Olympique Lyon midfielder Dzsenifer Marozsan and Barcelona winger Lieke Martens were shortlisted for the UEFA's women's player of the year award.
Martens was named the Women's Euro 2017 player of the tournament earlier this month after helping Netherlands to their first senior female continental title.
The awards will be presented at this season's Champions League group stage draw in Monaco on Aug. 24.
(Reporting by Hardik Vyas in Bengaluru, editing by Pritha Sarkar)
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