TOMRA was one of ten finalists for this category.
The company is being recognised as one of the best European companies for demonstrating innovation, business ethics and financial success.
The announcement was made at a gala event in London. Vice-president Lorraine Dundon accepted the award for TOMRA.
Lorraine Dundon said: "The global TOMRA team is working hard to fulfill its joint vision of being a leader in the resource revolution, and this award will provide further motivation in our work to develop innovative solutions for resource optimisation."
TOMRA president Stefan Ranstrand said: "TOMRA is a global company with its roots in Europe, and I believe the ideals the European business community shares in providing an open market with the desire to develop a stronger and more sustainable society for all, have set the foundation for our success.
"We look forward to continuing to invent ground-breaking solutions, growing our business and being a leading example of business ethics in the years ahead."
The European Business Awards is open to organisations of all sizes from any industry sector. Now in its eighth year, the event has engaged with more than 24,000 businesses from 33 European countries in 2015.
In the first stage of this year's competition, TOMRA was named as one of ten national champions from Norway.
In the second stage, 110 Ruban d'Honneur recipients were chosen from 709 national champions by a panel of judges made up of European business and political leaders, academics and entrepreneurs.
A public voting process was also conducted and TOMRA received the most votes in Norway and won the distinction of national public champion Norway.
After an extensive judging process, the competition culminated with the selection of 11 overall category winners, which were announced on Tuesday 26 May.
The criteria the judging panel used to determine the Business of the Year Award winner included exceptional financial returns, strong growth, innovation strategies and market leadership in its sector.
Judges also looked for evidence of inventiveness, ethical credentials, good stakeholder relationships and long-term planning, as well as the flexibility to deliver results in dynamic market conditions.
In addition to TOMRA, the finalists considered for Business of the Year included Ampacet Europe (Luxembourg), Ascendum Group (Portugal), Channel Four Television Corporation (UK), Clarke Energy (UK), EET Group (Denmark), Komputronik (Poland), Sky Deutschland AG (Germany), Utility Warehouse (UK) and VIVACOM (Bulgaria).
