President Trump was the runner-up for Person of the Year.
"This is the fastest moving social change we've seen in decades", Time editor in chief Edward Felsenthal said on the show.
The magazine nominated North Korean leader Kim Jong Un, whom Trump has nicknamed "Little Rocket Man" and who has overseen ballistic missile tests that have raised fears of a nuclear confrontation.
Time magazine has named "The Silence Breakers", representing people who came forward to report sexual misconduct, as its Person of the Year.
Time also named the Dreamers - young adults whose legal status in the United States was put in limbo this year.
TIME has named the year's most influential person since 1927, continuing to reflect on which individuals and groups have made headlines and shaped the world most.
Last year, TIME bestowed the Person of the Year designation on Donald Trump, who had just become president-elect after stunning the nation - and the world - by winning the White House race.
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In the wake of revelations about Harvey Weinstein and other men, millions have shared their stories about being sexually harassed and assaulted. Other players followed, and President Trump supercharged the controversy.
This year's short list was dominated by men, including Chinese president Xi Jinping, special prosecutor Robert Mueller, North Korean leader Kim Jong Un, and National Football League player Colin Kaepernick.
A third Asian leader and the sole finalist from the Middle East was also among the 10, with Crown Prince Mohammad bin Salman of Saudi Arabia finding himself in the running after he launched a far-reaching crackdown on government corruption and spending that targeted many members of his own family.
Robert Mueller made the list for his investigation into Russian Federation meddling in the 2016 presidential election, and it's connections to the Trump campaign that could topple the president.
The Dreamers - A group of undocumented immigrants brought to the U.S.by their parents when they were children. "Women have had it with bosses and co-workers who not only cross boundaries but don't even seem to know that boundaries exist".
Trump again made the shortlist in 2017, which TODAY revealed on Monday.