Building, which won the prize in 1990 and 1999, was chosen from an eight-strong shortlist that included industry magazines Construction News, New Civil Engineer and Estates Gazette.
The judges described Building as "outstanding" and said "it continues to inject life into the [construction] industry".
"Its editorial is very accessible and it has a good design," they added. "In fact, the outstanding quality of editorial in this magazine goes without saying."
Building's editor Adrian Barrick said: "Naturally, I'm thrilled. It's a tremendous reward for our brilliant team of journalists. I'd also like to take this opportunity to thank all our readers for the unwavering support they give us, without which we would never win awards like this.
"As the judges commented, one of our strengths is that we haven't rested on our laurels – and we certainly don't intend to start now."