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The 31-year-old will also be featured on the cover of its international editions, becoming the second Chinese sports icon to enjoy the honour, after retired basketball legend Yao Ming.
Time said: “Li Na who may soon be the highest-paid female athlete in the world,” won a total of 627 votes in Time’s Web poll.
Na was the only tennis player on the final list.
Indian actor Aamir Khan is also one of the seven powerful figures who were selected for a cover of their own by Time.
The 2011 French Open champion Li Na appeared for the first time on the 2013 Time 100 list, the magazine’s annual list of the world’s top 100 global titans, leaders, artists, pioneers and icons.
The world number five player won worldwide recognition after her Roland Garros victory.
Chinese President Xi Jinping, Russian state oil giant Rosneft’s CEO Igor Sechin and the first black president of Brazil’s Supreme Court Joaquim Barbosa are featured in this year’s list by Time.
With inputs from Agencies