The 29-year-old is currently leading at the top of the World Championship drivers' standings following his victory at the Spanish Grand Prix on May 11.
It appears that Hamilton's successful start to the season has pushed him up in the marketing stakes as he topped the 50-strong list ahead of Real Madrid star Cristiano Ronaldo and Jamaican sprinter Usain Bolt.
Criteria including age, home market, charisma and 'willingness to be marketed and crossover appeal' is used to judge the list.
"Several of the final top 10 were considered but Hamilton scored highly in every area and certainly deserves to top the list," The Telegraph quotes the magazine's editor-in-chief David Cushnan as saying.
Hamilton has won four consecutive races so far this season.
Top 10 most-marketable athletes 2014:
1. Lewis Hamilton - motorsport, Great Britain
2. Virat Kohli - cricket, India
3. Robert Griffin III - NFL, USA
4. Cristiano Ronaldo - football, Portugal
5. Grigor Dimitrov - tennis, Bulgaria
6. Usain Bolt - athletics, Jamaica
7. Neymar - football, Brazil
8. Missy Franklin - swimming, USA
9. Blake Griffin - NBA, USA
10. Sloane Stephens - tennis, USA