Watson had played in 37 PGA events since winning the Masters but Sunday's victory in the Northern Trust Open in Los Angeles marked the first time he'd won in that span. He shot 64-64 over the weekend to secure a two-stroke victory over Dustin Johnson.
That lifts Watson from 26th to No. 14 in the rankings.
Johnson also makes a move up, going from 11th to a tie with Sergio Garcia for eighth. Johnson's return to the Top 10 forces Jason Day from 10th to No. 11.
Thomas Aiken won the European Tour's Africa Open on the first hole of a playoff and jumps from 113th to 79th in the rankings.
Zach Johnson was installed as one of the four No. 1 seeds for this week's Accenture Match Play Championships in Marana, Ariz. World No. 3 Henrik Stenson, fifth-ranked Justin Rose and McIlroy are the other top seeds. Matt Kuchar, ranked 10th and with a No. 2 seed, is the defending champion.
The men's world golf rankings Top 10 listing player's name, home country and rankings points average:
1. Tiger Woods, United States, 10.23
2. Adam Scott, Australia, 8.73
3. Henrik Stenson, Sweden, 8.52
4. Phil Mickelson, United States, 6.88
5. Justin Rose, England, 6.39
6. Zach Johnson, United States, 6.08
7. Rory McIlroy, Northern Ireland, 6.06
8t. Dustin Johnson, United States, 5.82
8t. Sergio Garcia, Spain, 5.82
10. Matt Kuchar, United States, 5.65