The "Oz: The Great and Powerful" actress topped the British magazine's annual top 100 list of sexiest women released Wednesday.
She came in at No. 14 in last year's poll, the Los Angeles Times reported.
"The nation has spoken, and the verdict is that she is officially the perfect girlfriend," Dan Jude, FHM's 100 Sexiest editor, said of Kunis. "Not only is [Mila] naturally stunning, but she has a great sense of humor and isn't afraid to poke fun at herself."
The Ukraine-born actress was joined in the top 10 by musician Rihanna, who came in second, and model Kate Upton, who came in eighth, the Times said.
"In some ways, it feels like Mila's been around forever, growing up alongside us and constantly enriching all our lives with her ever-increasing attractiveness," FHM writers said. "From her role as teenage strumpet Jackie in 'That '70s Show' ... to her awards-bagging 'Black Swan' performance (in which she crossed tongues with Natalie Portman), she's always been there -- a reliable source of easygoing elfin sexiness in a world of pain, sorrow, stubbed toes and no phone signal."