The 22-year-old earned an estimated $34.5 million from May 2011 to May 2012 and pushed Angelina Jolie into fourth place.
Cameron Diaz, who had a surprise hit with "Bad Teacher", came in second with $34 million.
Oscar-winner Sandra Bullock, who largely took a break from filming after 2009's "The Blind Side", came third with $25 million.
Jolie, who topped last year's list along with Sarah Jessica Parker, dropped to the fourth spot with earnings of $20 million.
Charlize Theron, Stewart's co-star in "Snow White and the Huntsman" who also appears in "Prometheus", trailed at $18 million, and rounded out the top five places.
Julia Roberts has been picky about her projects and she couldn't make it to top 5 this year. She stood 6th with $16 million.
Sarah Jessica Parker, whose 2011 film "I Don't Know How She Does It" brought in a disappointing $30 million at the worldwide box office, slipped to seventh place with a $15 million salary.
Academy Award winner Meryl Streep finished 8th with $12 million.
Saturday Night Live star Kristen Wiig finished 9th with $12 million
Former "Friends" star Jennifer Anniston just made the list, earning an $11 million salary.
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