The 35-year-old musician-and-actor topped the British publication's annual list, climbing from 18th spot last year largely thanks to his colourful red carpet outfits, in particular the purple Gucci suit he donned to pick up four Emmy Awards for his show 'Atlanta' in September.
The publication said: "In short, Donald Glover is a new-wave renaissance man - and his style is superbly 'wavey' too, providing all the Seventies-inspired vibes a modern man needs in his wardrobe right now.
"While his array of cheekily unbuttoned silk shirts and soft, striped V-neck knits over the past year get honourable mention, our favourite facet of his personal style has to be his commitment to anything-but-black tuxedos - especially the regal, all-purple Gucci rig he wore to the Emmys in September. Our king."
Dior Homme creative director Kim Jones - who was on the panel compiling the rankings - also heaped praise on the star and said that Donald wears his clothes "with charisma and style" both on and off screen.
Donald beat veteran actor Jeff Goldblum and 'Call Me By Your Name' star Timothee Chalamet into second and third place respectively, while Travis Scott and Richard Madden rounded out the top five.
Making up the rest of the top 10 was Prince Charles in sixth spot, David Beckham in seventh, 'All of Me' hitmaker John Legend - who was named Most Stylish Man at the magazine's awards earlier this year - in eighth, former One Direction hunk Harry Styles in ninth, and grime star Skepta in 10th.
Last year's number one, 'The Crown' actor Matt Smith, fell to 11th in this year's top 50.