The 31-year-old Australian actor succeeded rocker Adam Levine, who picked up the People Magazine title in 2013.
The 'Thor' star, who is a father of three, joked that he is going to use the honour to get out of diaper duty for the next couple of weeks.
"I think you've bought me a couple of weeks of bragging rights around the house. I can just say to her (wife Elsa Pataky), 'Now remember, this is what the people think, so I don't need to do the dishes anymore, I don't need to change nappies. I'm above that. I've made it now'," Hemsworth said.
The couple has three kids - daughter India, two, and eight-month-old twin sons, Sasha and Tristan.