The 23-year-old actress - who called time on her three-year romance with Gossip Girl co-star Penn Badgley last September - has beaten the likes of Katy Perry, Scarlett Johansson and Cheryl Cole to top the online poll of five million men.
Conducted by AskMen.com, the survey saw Black Swan actress Mila Kunis voted in second place, with Modern Family's Sofia Vergara landing a third place position.
Meanwhile, supermodel Selita Ebanks and Victoria's Secret model Miranda Kerr - who welcomed Flynn, her first child with actor husband Orlando Bloom, last month - rounded off the top five.
However, those who voted Blake into the top spot are unlikely to ever see her out partying, as she recently admitted she is a "homebody" who hates going out.
She said: "I'm much more of a homebody than a person who goes out. I don't think I've ever been to a club other than to see a band or if the Gossip Girl producers are throwing an after-party specifically for us to go to, or the red carpet.
"But I have never gone out, just to go out, because I don't really find it that fun. I like to go and listen to live music and stuff, so that's when I'll go out."
AskMen.com's Top 10 Most Desirable Women in The World 2011 are:
1. Blake Lively
2. Mila Kunis
3. Sofia Vergara
4. Selita Ebanks
5. Miranda Kerr
6. Cheryl Cole
7. Scarlett Johansson
8. Katy Perry
10. Jessica Pare