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The celebrated tennis player made $3.4m dollars in prize money and bagged over $25m dollar in endorsements.
Japanese tennis star, Naomi Osaka, is the second highest-paid female athlete in the last one year.
The 21-year-old sensation benefited from lucrative endorsements as well as prize-winning pots totalling up to $24.3 million.
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Germany’s Angelique Kerber is third on Forbes’ female money list after making £9.7m ($11.8m) this year.
Interestingly, the top 11 highest-paid female athletes in the world are all tennis players.
United States footballer Alex Morgan comes in 12th after earning £4.75m ($5.8m) this year.
See Forbes’ top 10 highest-paid female athletes below:
1. Serena Williams (tennis)
Total Earnings: £24m ($29.2m)
Prize Money: £3.4m
Endorsements: £20.5m
2. Naomi Osaka (tennis)
Total Earnings: $24.3 million
Prize Money: $8.3 million
Endorsements: $16 million
3. Angelique Kerber (tennis)
Total Earnings: £9.7m ($11.8m)
Prize Money: £4.3m
Endorsements: £5.4m
4. Simona Halep (tennis)
Total Earnings: £8.4m ($10.2m)
Prize Money: £5.1m
Endorsements: £3.3m
5. Sloane Stephens (tennis)
Total Earnings: £7.9m ($9.6m)
Prize Money: £3.3m
Endorsements: £4.5m
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6. Caroline Wozniacki (tennis)
Total Earnings: £6.2m ($7.5m)
Prize Money: £3.3m
Endorsements: £2.9m
7. Maria Sharapova (tennis)
Total Earnings: £5.8m ($7m)
Prize Money: £825K
Endorsements: £4.9m
8. Karolina Pliskova (tennis)
Total Earnings: £5.1m ($6.3m)
Prize Money: £3.8m
Endorsements: £1.4m
9. Elina Svitolina (tennis)
Total Earnings: £5m ($6.1m)
Prize Money: £3.8m
Endorsements: £1.2m
10 (tie). Venus Williams (tennis)
Total Earnings: £4.8m ($5.9m)
Prize Money: £740K
Endorsements: £4.1m
10 (tie). Garbine Muguruza (tennis)
Total Earnings: £4.8m ($5.9m)
Prize Money: £1.9m
Endorsements: £2.8m