"After surviving the attack, (Malala) didn't hide in fear but strengthened her voice. The world has been listening," Time said.
Malala had also met Malia when she visited the White House last month to meet President Obama and First Lady Michelle.
Also on the list is singer and pop icon Justin Bieber.
The 19-year-old Canadian-born pop star has become an "industry to himself", valued by Forbes at USD 58 million.
He released his first single at age 15, and in 2010, became the youngest solo male artist to hit the number one spot on the Billboard Hot 100 music charts.
The list includes 16-year-old Lydia Ko, a New Zealand golfer born in South Korea who has multiple Ladies Professional Golf Association (LPGA) wins. Ko is the youngest person ever to win a professional golf tour event and the youngest person ever to win an LPGA event.
Another sports icon on the list is swimmer Missy Franklin, 18, who won six gold medals at the 2012 London Olympics becoming the "winningest female swimmer ever at a world meet" as well as the fifth swimmer to capture six or more golds at a worlds meet or the Olympics.
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