The catwalk queen and reality star, 22, topped the annual Forbes list for the first time with earnings of $22 million over the past 12 months.
Kendall's earnings more than doubled from 2016's $10 million total, making her the biggest dollar and percent gainer on the ranking.
Gisele, 37, came in second place, having earned $17.5 million, marking the first year she has not headed up the line-up since 2002.
Rounding out the top three is Chrissy Teigen, 31, who joins the list for the first time after raking in $13.5 million over the past 12 month-period.
2017 Forbes list of the world's highest-paid models
1 Kendall Jenner $22,000,000
2 Gisele Bundchen $17,500,000
3 Chrissy Teigen $13,500,000
4 Adriana Lima $10,500,000
5 Gigi Hadid $9,500,000
5 Rosie Huntington-Whiteley $9,500,000
7 Karlie Kloss $9,000,000
8 Liu Wen $6,500,000
9 Bella Hadid $6,000,000
10 Ashley Graham $5,500,000
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