The list of 100 most influential, on newsstands Friday, also includes Queen Elizabeth II, presidential hopefuls Hillary Clinton and Barack Obama, YouTube founders Steve Chen and Chad Hurley, director Martin Scorsese and model Kate Moss. It does not include President Bush.
In a piece she wrote for the magazine, Barbara Walters, the creator of "The View," had kind words to say about O'Donnell, who announced last week she was leaving the ABC talk show in June because she and the network couldn't agree on a new contract.
"And so, last September, we began a thrilling roller-coaster ride," Walters wrote. "We followed Rosie's passion and compassion, her feuds and fearlessness, her humanity and humor."
Walters said she and O'Donnell "remain respectful and affectionate friends."
Roseanne Barr weighed in on Baron Cohen, also known as Borat. "He does offend some people's sensibilities, but the youth of today are offended if they're not offended," she wrote.
Scorsese, who often casts DiCaprio in his films, praised the 32-year-old screen idol/activist as a "true actor."
"DiCaprio is another guy a lot of us underestimated as a pretty-boy type," Adi Ignatius, a deputy managing editor at Time, told AP Television News.
The list includes 71 men and 29 women from 27 countries.
Other entertainers making the cut were Oprah Winfrey, George Clooney, Brad Pitt, Justin Timberlake, Tyra Banks, Cate Blanchett, America Ferrera, Tina Fey, John Mayer, Brian Williams, Michael J. Fox, California Gov. Arnold Schwarzenegger and "American Idol" creator Simon Fuller.
Separately, Time named 14 "power givers" such as Bill and Melinda Gates, Angelina Jolie and Queen Rania al-Abdullah of Jordan.