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).
