The magazine released its annual list with the KarJenner sibling taking the top spot with $22.5 million in estimated earnings from June 1, 2017 to June 1, 2018.
She ranked first last year as well, toppling Gisele Bundchen, who had held the coveted spot since 2002.
In addition to appearing in numerous magazines and runways, Jenner scored lucrative deals with fashion and beauty giants like Adidas, Calvin Klein, Estee Lauder, Longchamp and more.
Cara Delevingne and Bundchen both placed fifth with $10 million, followed by Gigi Hadid in seventh at $9.5 million. Younger sister Bella tied with Joan Smalls, with both earning $8.5 million. Rounding out the list is Dutch model and former Victoria's Secret Angel Doutzen Kroes at $8 million.