Real Madrid beat San Lorenzo of Argentina 2-0 to win the Club World Cup and lift their fourth trophy of the year.
The Spanish giants dominated the final with Sergio Ramos and Gareth Bale scoring the goals in the final in Marrakech, Morocco.
Real added the trophy to the Champions League, Spanish King's Cup and European Super Cup titles they had already secured in 2014.
The win was also their 22nd in a row in all competitions, outting them within sight of the record 26 consecutive wins achieved by Johan Cruyff's Ajax in 1971-72.
"We deserved to win the title. We can say that Real Madrid are the best team in the world," said coach Carlo Ancelotti. "We have done really well this year, it's been unforgettable. We are a team and a family."
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Real are also guaranteed to finish the year as La Liga leaders and Ancelotti was already setting his sights on similar achievements in 2015. "We'd be happy with a repeat. We'll continue forward like this and will face the new year with excitement and enthusiasm."
Meanwhile, Bale tweeted: "Couldn't think of a better Christmas present, Fifa World Club Champions 2014!!"
San Lorenzo coach Edgardo Bauza said it was an honor for the South American champions to have played in the final of the intercontinental event.
"We are very proud despite the grief of losing," said Bauza. "It's been a wonderful year for the club and for the fans."
Earlier, Auckland City claimed third place after beating Cruz Azul 4-2 in a penalty shootout after normal time finished 1-1.
AGENCE FRANCE-PRESSE