Fernandes opened the scoring for Portugal with a thumping finish into the bottom corner in the 42nd minute. Ronaldo doubled their advantage just two minutes later.
Cancelo then joined the act with just four minutes of normal time remaining. Bruno Fernandes beautifully rounded off the night with a peach of a volley in stoppage time.
The hosts were no match for Israel, who were second-best in the game by a distance and the scoreline perfectly reflected that.
Here are the player ratings for Portugal.
Rui Silva - 7/10
Silva came in for Patricio tonight and wasn't called into action much besides having to collect a few loose balls. He's the second-choice goalkeeper under Santos and this game didn't help the Granada shot-stopper change that.
Joao Cancelo - 8/10
A very lively performance from the Manchester City star as he drove forward with purpose and picked out his teammates with accurate crosses. His reading of the game was excellent too. But his fantastic strike late on took the cake.
Pepe - 7.5/10
38 and still going strong, Pepe didn't put a wrong foot forward for Portugal. He never drifted too far off his line and made some crucial blocks and interceptions whenever Israel found their way into the Portuguese box.
Ruben Dias - 7/10
The PFA Player of the Year was tidy in possession and worked comfortably alongside the experienced Pepe. This partnership has the potential to shine at the Euros.
Nuno Mendes - 8/10
Mendes was a revelation tonight, impressing both technically and physically. His maturity on the ball went beyond his years. Mendes played like a seasoned professional, although this was only his 49th career game! Portugal's next big thing?
Ruben Neves - 7/10
Largely anonymous in the opening stanza, Neves improved after the break, showing more speed and intent. However, if he were to keep his place in the side, the Wolves star ought to do more.
William Carvalho - 7/10
Defensively, Carvalho was spotless. He recovered the ball excellently and passed it forward to instigate attacks, a trait which even culminated in Portugal's second goal. Carvalho lacked a cutting edge when it came upon him to go at the Israeli defense directly.
Bernardo Silva - 7/10
Silva was a constant outlet for Portugal with his forward runs and laid some excellent crosses too. But his finishing let him down, missing two good chances tonight. Silva missed a one-on-one in the second-half and he ought to find his shooting boots soon.
Bruno Fernandes - 9/10
Two sublime goals and an assist for the Manchester United talisman who oversaw his best game in Portuguese colors. If he performs at these levels at the Euros too, then the opposition defenses will have a lot to worry about.
Diogo Jota - 6/10
Jota was brilliant in his movements and link-ups with Fernandes and Ronaldo. But he was pretty wasteful upfront, missing two good chances in the first-half. Jota was substituted out of the game at the half-time break.
Cristiano Ronaldo - 7/10
Like much of Portugal's attack early on, he too lacked a cutting edge in the final third. Despite that, Ronaldo scored a goal in the first-half. His tally now stands at 104, just five off Ali Daei's (Iran) all-time record of top goalscorer for any country.
Goncalo Guedes - 7/10
He assisted Cancelo for Portugal's third goal with a simple pass.
Joao Moutinho - 6/10
The Wolves star replaced his club mate Neves after the hour mark and was a no-show too.
Danilo Pereira - 6/10
He came on for Dias around the same time as Moutinho and produced a decent display in defense.
Renato Sanches - 6/10
Besides a few good touches, there was nothing to write home about Sanches.
Pedro Goncalves - 6/10
The Sporting CP youngster showed a lot of energy and asked questions of Israel's defense with his direct runs.