Jenner, who is part of the Kardashian family, beat Chrissy Teigen, Adriana Lima and Gigi Hadid to the top spot.
It was also the first time in 15 years that Gisele Bundchen did not claim the accolade after earning $17.5m (£13.2m).
Ashley Graham also made the top ten, making her the first plus-sized model to feature on the list.
At just 22, Kendall Jenner takes the top spot, with her earnings more than doubling since last year from $10m (£7.5m) to $22m (£16.6m).
Jenner has walked for Alexander Wang, Fendi, Chanel, Marc Jacobs and many others this year along with taking part in advertising campaigns for Estee Lauder and Adidas.
Despite retiring from the catwalk last year, Bundchen still came second in the rankings for Forbes' highest earning model.
She has shot for Vogue Paris this year and in advertising campaigns for Arezzo, helping her bank $17.5m (£13.2m).
The Brazilian-born model has also been dedicating her time to campaigning for more sustainability in the fashion industry.
Chrissy Teigen joins the highest paid list for the first time thanks to deals with McDonalds, Vita Coco and Smirnoff.
She earned $13.5m (£10.2m) in 2017 and is known for her appearances in Sports Illustrated and Cosmopolitan, plus has had editorials in Vogue and Glamour.
Adriana Lima is one of four current Victoria's Secret Angels to make the list, but 9 out of 10 of this year's highest-paid models have walked for the lingerie company at some point in their career.
She took part in the Victoria's Secret show in Shanghai on Monday - the first time the show has taken place in China.
The Brazilian model earned $10.5m (£7.9m) this year, thanks to being an Angel and having campaigns with Maybelline and Desigual.
Hadid made $9.5m (£7.2m) this year thanks to a number of catwalk appearances at New York, Milan and Paris fashion weeks for Missoni, Balmain, Isabel Marant and Moschino.
The 22-year-old also launched her own make-up collection with Maybelline and collaborated with Tommy Hilfiger and Stuart Weitzman on fashion and shoe lines.
Despite taking time out this year to have her first child, the 30-year-old still managed to come joint fifth place with Hadid, also earning $9.5m.
This is due to her continuing underwear collection with Marks and Spencer and ad campaigns for fashion brands Paige and Ugg.
The American model and computer programmer earned $9m (£6.8m) in 2017 due to modelling deals with Calvin Klein and Swarovski.
Kloss also appeared in Vogue and Harper's Bazaar and this year returned to the Victoria's Secret Show after a two year break.
Liu Wen earned $6.5m (£5m) in 2017 and became the first Chinese model to appear on the front cover of American Vogue.
The 28-year-old walked for Michael Kors and Anna Sui at New York Fashion Week and also modelled for Chanel and Puma.
For the first time ever, the list includes both Hadid sisters - with Bella Hadid, the younger of the two, netting $6m (£4.5m)
At 21, newcomer Bella Hadid is the youngest model in the ranking.
This year she has walked for Chanel, Givenchy, Oscar de la Renta and Lanvin across New York, Paris, Milan and London Fashion Weeks.
Ashley Graham is the first ever plus-sized model to make the highest-paid list after earning $5.5m (£4.1m) in 2017.
The 30-year-old has her own lingerie and swimsuit lines, plus has featured in advertising campaigns with the likes of Lane Bryant, Dressbarn and H&M.
She has also appeared on the front cover of Elle, Vogue and Glamour this year.
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