Wednesday night was the fourth time Chesney has won the top CMA honor.
"As much as tonight is about awards I really believe that being able to stand up here is more about great songs; it's more about the fans," Chesney said. "This is my fourth time standing up here and I am really humbled."
George Strait's song "I Saw God Today" won the prize for single of the year and his CD "Troubadour" was declared album of the year.
"I love this album and I really appreciate everyone who bought it," Strait said after accepting his second award of the night. "Everyone says they've got the greatest fans. Well, I really got the greatest fans."
The awards show's co-hosts Carrie Underwood and Brad Paisley took home the prizes for female and male vocalist of the year respectively, while Lady Antebellum was honored with the new artist of the year title, Rascal Flatts was declared the vocal group of the year and Sugarland nabbed the vocal duo of the year gong.
"Stay," written by Sugarland's Jennifer Nettles, won the award for song of the year, and Robert Plant and Alison Krauss's "Gone Gone Gone" was named the musical event of the year.
Paisley's "Waitin' On A Woman" featuring Andy Griffith won the award for music video of the year and guitarist Mac McAnally was deemed musician of the year.
"The 42nd annual CMA Awards" aired live from the Sommet Center on the ABC Television Network.
2014: The Year in Music [PHOTOS]