Beyoncé followed in her husband's footsteps, gracing one of four covers that have been released for this year's edition.
Veteran NBA center Jason Collins, who came out last April as the first openly gay player in any of the four major American professional leagues, is also featured on one of the covers.
The list is divided into five categories -- titans, leaders, artists, pioneers and icons -- and is not ranked.
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"It can't be a ranked list because people cut across so many different fields and so many different macro disciplines," senior editor Jeff Kluger told 1010 WINS. "We call them titans, pioneers, artists, leaders and icons, and those sound like broad terms, but when you look at some of the people within those categories they make a great deal of sense."
Each profile in Time's list is accompanied by a testimonial from a noteworthy figure.
"We have President Obama writing about Pope Francis, Colin Firth writing about Benedict Cumerbatch, Michael Bloomberg writing about Charlie Rose," Kluger said.
Collins' testimonial was written by Chelsea Clinton, who said she met the Brooklyn Nets center in their first year at Stanford.
"Not surprisingly, the first thing I noticed was his height," wrote Clinton, whose famous mother, Hillary, also made the list. "The second thing I noticed was his kindness off the court — and his fierceness on it. Kindness to his friends, his family and fans. Fierceness in his drive to win. Jason has always been focused on others, on what's right for those he loves, and on helping those whose jersey is the same as his."
New Jersey Gov. Chris Christie, who has made the list twice before and is a possible 2016 Republican presidential candidate, wrote about potential GOP rival Wisconsin Gov. Scott Walker, who is honored in the "Leaders'' category.
"Leadership takes many forms in public office,'' Christie wrote in the three-paragraph piece. "One of the most difficult challenges is standing up for what you believe in when faced with relentless public attacks. Scott Walker faced that test and passed it with flying colors.''
Kluger said Walker "may seem polarizing to some people, but is a new voice and leader in the middle of the country in the Republican party."
Other politicians honored in the "Leaders" category include North Korean dictator Kim Jong Il, Russian President Vladimir Putin, and President Barack Obama, who was honored for the ninth time — more than any other person on the list.
Hillary Clinton made the list in the "Titan" category and also sang the praises of Secretary of State John Kerry.
"Diplomacy takes stamina, passion and perspective, and John embodies these traits. He is relentless in the face of the most persistent obstacles…There's nobody better suited to carry the cause forward than John Kerry. The people of the United States can be proud he's representing America and its interests abroad. I know I am," Clinton wrote.
This year's list also includes a record 41 women, including Amy Adams, Mary Barra, Megyn Kelly, Miley Cyrus, Serena Williams and Malala Yousafzai.
The issue hits stands Friday.
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