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The annual list - which honours the world’s best and brightest individuals - has been broken down into five categories: ‘Pioneers’, ‘Artists’, ‘Leaders’, ‘Icons’ and ‘Titans’, which is the label that has been applied to both Kim and Kanye.
Explaining why Kanye has made the list, entrepreneur Elon Musk writes: “Kanye does think. Constantly. About everything. And he wants everybody else to do the same: to engage, question, push boundaries.
“Now that he’s a pop-culture juggernaut, he has the platform to achieve just that.”
Earlier this year, Kanye delivered a speech to students at Oxford University, where he spoke to the 350-strong audience about class divisions and materialism, receiving a standing ovation at the end of his address.
Kim's influence is written about in the magazine by US TV icon Martha Stewart, who claims: "Despite the flamboyance, the self-aggrandizement and the self-promotion... Kim comes across as an enviable big sister in a clan where everyone seems to love one another.
"There seem to be very few barriers to further explosive success."
Meanwhile, the ‘Artists’ category on Time’s list include Julianne Moore and Bradley Cooper, while Emma Watson and ‘Orange Is The New Black’ actress Laverne Cox have both been named among the ‘Pioneers’.
The ‘Icons’ list name checks Bjork and Taylor Swift, who are in good company alongside Pope Francis and Malala Yousofzai.
Kanye also appears on the cover of the magazine, while Bradley Cooper, Ruth Bader Ginsburg, Misty Copeland, and Jorge Ramos each get their own covers too.
Check out the full list in the new issue of Time magazine, on sale 27 April.