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The actress beat Naomie Harris (Moonlight), Nicole Kidman (Lion), Octavia Spencer (Hidden Figures) and Michelle Williams (Manchester by the Sea).
"Fences" starred the actress alongside Denzel Washington, who is also nominated in Best Actor category.
"I became an artist, and thank God I did, because we are the only profession that celebrates what it means to live a life," Davis said while receiving her award.
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With the win, Davis becomes the 23rd actor to have won at least one competitive acting award at the Oscars, The Emmys and the Tonys.
She is also the first black actor to achieve that. She had won an Emmy in 2015 for Outstanding Lead Actress in a Drama Series and two Tony Awards in 2001 for "King Hedley II, and 2010 for "Fences."