The actress, who turns 34 on Thursday, was voted as the world's most powerful celebrity by Forbes magazine's Celebrity 100 power list.
"In addition to nearly doubling her earnings in the past year, from 9 million to 16 million pounds, Angelina Jolie is the most famous star on the planet," Forbes senior editor Matthew Miller said.
"She is in the dialogue of popular culture nearly every day - for her acting, for her relationship with Brad Pitt, for her children and for her philanthropic endeavours.
"All of this exposure leads to an extremely powerful celebrity brand - one that allows her to command a higher salary when starring in movies, can bring more people to the theatre and one that she can monetise further if she chose to do so," Miller added.
Jolie, who raises six children with partner Brad Pitt, overthrew Winfrey despite making just one tenth of the talk show host's earnings.
While the actress totalled 16.4 million pounds over the last 12 months, Winfrey, 54, made a staggering 167.3 million pounds.
Jolie's partner Brad Pitt, 45, also joined her in the top ten, with earnings of 17 million pounds.
However, Pitt's ex-wife Jennifer Aniston, was placed at number eight despite earning only 15.2 million pounds.
The Celebrity 100 list takes into account media exposure as well as entertainment-related earnings for the rankings.
Women dominated the top ten ranks with golfer Tiger Woods rated as the most powerful male celebrity at number five.
Charismatic US President Barack Obama at number 49 became the first head of state to appear on the celebrity list. He is listed as an author, having made 1.5 million pounds from his books.
Pop star Madonna's world tour and continued presence in the headlines helped her rise from last year's number 21 to third place.
Singer Beyonce Knowles maintained her number four position with an earning of over 52 million pounds.
Harry Potter author J K Rowling, despite having been the highest earner in 2008 failed to make an appearance in the top 100.
Simon Cowell, who earned 45.8 million pounds, was placed at number 25, falling three places from last year.
Some surprise omissions from the list were Kate Winslet, Keira Knightley, Gwyneth Paltrow and celebrity chef Gordon Ramsay.