The Portugal international has been in sublime form this season and broke the record for most goals in one Champions League campaign with his double against Bayern Munich in midweek.
Owen - who played for Madrid in 2004-05 - is impressed with the prolific attacker's superb performances and even rates him ahead of Madrid icon Ferenc Puskas.
"I think the greatest Real Madrid player of all time is Cristiano Ronaldo, followed by Ferenc Puskas," Owen writes in his column for Sportlobster .
“Ronaldo equalled Puskas’ great record of 242 goals in fewer games.
"He was also the fastest Real Madrid player to score 100 goals and holds the record for most goals scored for Madrid in a season."
Owen also briefly looked back on his own time at the Santiago Bernabeu side and admitted that he was rather nervous upon his presentation to the press and fans.
"I didn’t have any doubts I would succeed once out on the famous pitch. I only had two concerns: What to do when a ball was tossed to me during the parade at the Santiago Bernabeu and where to sit in the dressing room.
“I was in a state of panic on the day of my unveiling. To learn a line or two in Spanish was bad enough, but I dreaded the ‘show pony’ part where you are expected to juggle the ball for the media. When the ball was tossed to me I volleyed it into the crowd to give the people, who had come to welcome me, something to cheer about. Another ball was thrown to me so another supporter earned a memento from the day.
"There was no way I was going to attempt a trick and fail in front of the world’s media.”
Owen eventually left Madrid after just one season, scoring 14 goals in 36 La Liga appearances.