The European champions had little trouble in brushing aside Al Ain, whose surprise run to the final included a comeback from 3-0 down against Team Wellington and a shock semi-final win over River Plate.
The Spanish giants have now won a record four Club World Cup titles, pulling one clear of Barcelona.
Real boss Santiago Solari, who has had to deal with rumours surrounding his future after Jose Mourinho’s sacking by Manchester United earlier this week, named a strong side including Modric, Toni Kroos and Gareth Bale.
Ballon d’Or winner Modric gave Real a 14th-minute lead, and Marcos Llorente’s fantastic volley wrapped up the win on the hour mark before Sergio Ramos’ late third and Tsukasa Shiotani’s consolation.
Yahia Nader put through his own net in injury time as Real comfortably claimed their 11th win in 13 games and a first trophy since Solari took over from the sacked Julen Lopetegui in October.
Al Ain started brightly and came close to taking a shock lead when Sweden international striker Marcus Berg could only prod the ball into the gloves of goalkeeper Thibaut Courtois.
But Real did not wait long to make Berg pay, as Karim Benzema teed up Modric, who took a touch before curling a fine left-footed strike into the bottom corner.
A second goal always looked likely to arrive sooner rather than later, with Modric denied by an excellent save from Al Ain goalkeeper Khalid Eisa.
But the Emiratis hung in the game and could have levelled when Rayan Yaslam Mohamad Al Jaberi could only slice a shot out of play for a throw-in.
Real doubled their lead, though, as 23-year-old midfielder Llorente drilled home his first goal for the club with a wonderful volley from just outside the area.
The game was all over as a contest in the 79th minute when Ramos climbed above the Al Ain defence to power a trademark header into the net from Modric’s corner.
Shiotani glanced in a Caio free-kick to grab Al Ain an 86th-minute consolation, but Nader deflected Junior Vinicius’ effort past Eisa in the first minute of added time.
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