The veteran forward has faced criticism for his subdued display, particularly after Lionel Messi stole the headlines with a hat-trick in Argentina’s 3-0 victory over Algeria.
However, Owen believes the scrutiny is misplaced and remains convinced Ronaldo will deliver when it matters most.
Writing for the Daily Mail, the former Liverpool star described the 41-year-old as a proven big-game performer and backed him to silence his critics as the tournament progresses.
"It did not help Cristiano Ronaldo that Lionel Messi scored a hat-trick the night before Portugal played, but I’m not having the criticism of him," he wrote.
"But hasn’t he always played like this, to a degree? He has never been a player, especially in recent years, who involves himself in the game.
“He will be there for the big moments, though. If he’s not scoring, it’s too easy to blame Ronaldo. At 41, he is going to be questioned."