Sheeran also took home the best song honors for Shape of You, which beat Luis Fonsi's and Daddy Yankee's Despacito, The Chainsmokers' and Coldplay's Something Just Like This, Bruno Mars' That's What I Like and Wild Thoughts by DJ Khaled featuring Rihanna and Bryson Tiller.
The best song nominees won in other categories. Something Just Like This won for best collaboration and Wild Thoughts won for best hip-hop song.
And although Luis Fonsi lost in the best song and best collaboration categories, he was named best Latin artist, beating out Shakira, Nicky Jam, J Balvin and CNCO.
Kendrick Lamar was named best hip-hop artist of the year, ending Drake's two-year reign in that category. And Cardi B continued her breakout year by winning best new hip-hop artist.
Other winners included Maroon 5 for best group, Niall Horan for best new pop artist, Imagine Dragons for best alternative rock artist and Judah & The Lion for best new alternative rock artist. But it was Portugal. The Man that was recognized for best alternative rock song of the year for their hit, Feel it Still, which beat two Imagine Dragons songs -- Believer and Thunder.
The first ever IHeartRadio Icon Award was given to Bon Jovi, who will be inducted into the Rock & Roll Hall of Fame next month. The band then performed two of their best-known hits, You Give Love A Bad Name and It's My Life.