Compiled by Vanity Fair magazine, the rankings revealed the 18-year-old actor raked in an estimated $33.5 million for his various movie appearances throughout 2010, making him the ninth-highest earner in Hollywood.
As well as pushing last year's number nine Robert Downey Jr. into tenth place, Taylor beat both Kristen and Robert - who received $28.5 million and $27.5 million for their respective film roles over the past 12 months - who landed in 13th and 14th places.
Vanity Fair's contributing editor Peter Newcomb explained: "He's perhaps the highest-paid teenage star right now. When they first negotiated their contracts, they were getting paid a lot less.
"Then, with the immense success of the film, the agents went back and renegotiated the deal - Lautner's deal in particular was really bumped up."
With 'Avatar' director and producer James Cameron securing the top spot in the rankings with an estimated yearly earning of $257 million, Johnny Depp - who raked in $100 million in 2010 - was listed as the highest-earning actor, taking home $40 million for his role as the Mad Hatter in 'Alice in Wonderland' alone.
However, despite being pipped to the post by her 'Twilight' co-star, Kristen Stewart's estimated $28.5 million earnings made her the highest-ranking female star in 2010.
Vanity Fair Magazine's Hollywood Top 20 Earners 2010
1. James Cameron - $257 million
2. Johnny Depp - $100 million
3. Steven Speilberg - $80 million
4. Christopher Nolan- $71.5 million
5. Leonardo DiCaprio - $62 million
6. Tim Burton - $53 million
7. Adam Sandler - $50 million
8. Todd Phillips - $34 million
9. Taylor Lautner - $33.5 million
10. Robert Downey Jr. - $31.5 million
11. Will Smith - $29 million
12. Joe Roth - £28.5 million
13. Kristen Stewart - $28.5 million
14. Jerry Bruckheimer - $27.5 million
15. Robert Pattinson - $27.5 million
16. Jason Blum and Oren Peli - $26.5 million
17. Tyler Perry - $25 million
18. Jennifer Aniston - $24.5 million
19. Jon Favreau - $24 million
20. Nicolas Cage - $23.5 million