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.