That honor goes to rapper, producer and Beats founder Dr. Dre.
According to the magazine, Dr. Dre, 49, earned $620 million before taxes in 2014, mostly due to a deal with Apple in which he sold his Beats company for $3 billion. The sale added nicely to the $40 million he earned last year.
Knowles, 33, who topped the Forbes Celebrity 100 list in June, came in just behind Dr. Dre, landing the second spot. She made $115 million in 2014, credited largely to her world tour, a surprise album and numerous endorsement deals.
The $505 million difference between Dr. Dre and Beyoncé's 2014 earnings represents the largest gap in history between the top two artists artists on Forbes's list.
The Eagles were the only other performers to crack the nine-figure mark this year. The group brought in $100 million thanks to their History of The Eagles tour.
Bon Jovi and Bruce Springsteen round out the list's top five, grossing $82 million and $81 million, respectively.
Other artists who appear on Forbes's diverse list include: Justin Bieber ($80 million), One Direction ($75 million), Taylor Swift ($64 million), Katy Perry ($40 million) and Miley Cyrus ($36 million).
Lady Gaga, who pulled in $125 million last year to land the No. 1 spot on Forbes's Top Earning Celebs Under 30 list in 2013, made $33 million this time around.