Murray beat out Alabama's Tua Tagovailoa and Washington State's Gardner Minshew for the honor.
The Heisman Trophy victor will be announced Saturday night, December 8 in New York City.
Friday, Murray was trying to enjoy his first trip to New York City. Tagovailoa and Murray will be joined by Ohio State quarterback Dwayne Haskins as finalists.
Earlier in the day, the Walter Camp Award for best player went to Tagovailoa, while Murray won the Associated Press' Player of the Year.
Murray, a 5-foot-10, 195-pound junior from Allen, Texas, won the award in his final year as a college athlete. Tagovailoa also broke Alabama's single-game touchdown records with six (five passing, one rushing) during Alabama's 52-21 victory over Auburn.
For the 16th time in the last 19 years, a quarterback will win college football's most coveted individual award and that should not be a surprise this season. The Oklahoma quarterback topped Tagovailoa for the Davey O'Brien Award given to the nation's top quarterback.
The Walter Camp victor has won the Heisman the last five seasons. And only five Heisman winners have failed to win AP Player of the Year since the award started in 1998.
Murray was Mayfield's backup last season and won the starter's job in preseason practice.
"I think he's been one of the best players in college football all year long", Alabama head coach Nick Saban said last week.
Murray is having a historic season. Murray and Tagovailoa will face each other in the College Football Playoff, when No. 1 Alabama plays No. 4 Oklahoma at the Orange Bowl semifinal on December 29.
Murray will look to become OU's seventh Heisman victor and second straight (Mayfield).