The actress grabbed the No. 1 spot from the talk show queen on the magazine's annual Celebrity 100 list, which ranks the rich and famous based on media exposure and career earnings over the past year.
Jolie, a reigning tabloid fixture, earned $27 million, bumping her up from third place on last year's list, Forbes said, adding that she wields more power due to high-profile turns in hit films such as "Wanted" and "Kung Fu Panda."
At No. 2, Winfrey is still the highest earner — $275 million.
Madonna came in third, trailed by Beyonce, Tiger Woods, Bruce Springsteen and Steven Spielberg.
Two other celebs tied up in Jolie's tabloid universe — Jennifer Aniston and Brad Pitt — came in at eighth and ninth place, respectively.
Tenth place goes to Los Angeles Lakers superstar Kobe Bryant, thanks in part to endorsement deals scored after the Beijing Olympics.
About halfway down the list sits a very familiar face: President Barack Obama. At No. 49, Obama's the first sitting head of state to appear on this Forbes fixture because of his worldwide fame, his historic election and his career as a best-selling author.
Although he's one of the biggest acts in entertainment, Justin Timberlake went from 12th to falling off the list completely, since ending his lucrative "FutureSex/LoveShow" concert tour.
Jennifer Lopez, Johnny Depp and Tyra Banks also dropped off the list.