Time's editor-in-chief announced the pick Wednesday morning on NBC's "Today".
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's 2017 Person of the Year is the #me too movement and the Silence Breakers who spoke out about sexual assault and harassment.
In 2016, then president-elect Donald Trump was named Person of the Year.
Since 1927, Time Magazine has awarded the Person of the Year title to an individual or group of people who the magazine editors believe influenced news and events over the last year "for good or ill".
German Chancellor Angela Merkel was TIME's 2015 Person of the Year.
Jeff Bezos, the founder and CEO of Amazon.com, was nominated as he became the richest man in the world with a fortune of $100 billion give or take.
The magazine's shortlist, announced Monday, included 2016 victor President Donald Trump, North Korean leader Kim Jong Un, special counsel and former FBI Director Robert Mueller, Amazon founder Jeff Bezos, the Dreamers and former San Francisco 49ers football player Colin Kaepernick.
Trump was once again a finalist this year.
Colin Kaepernick - San Francisco 49ers quarterback, launched national protest during the national anthem.
The #MeToo movement came in the wake of allegations of sexual harassment and assault by film producer Harvey Weinstein, whose accusers include McGowan and Judd.
Robert Mueller - Appointed special counsel following FBI Director James Comey's firing to investigate possible collusion between President Trump's 2016 campaign team and Russian Federation. The undocumented immigrants, who were brought to the country as children, are at risk of deportation if the government's Deferred Action of Childhood Arrivals program ends next year.
Time revealed the results of their reader's poll on Monday as well, which was won by Crown Prince bin Salman in overwhelming fashion, as he commanded 24 per cent of the vote versus the six per cent that runner-up the #MeToo movement received in the poll.