The 26-year-old, who won the National League MVP award in 2016, broke the previous record set by Ryan Howard in 2008 when he earned $10 million with the Philadelphia Phillies through arbitration.
"I thought he got a fair - and record - award," Cubs president Theo Epstein said. "It just shows the special things he's been able to accomplish and the special teams he's been on as well."
Bryant hit .295/.409/.537 with 29 home runs, 38 doubles, and 73 RBIs for the Cubs last season.
Over his first three seasons, he owns a .288/.388/.527 slash line with 94 home runs and 274 RBIs. He was also named the NL Rookie of the Year in 2015.