The magazine's annual list, published Tuesday, said Harvard University was the No. 2 school in the country with Yale University rounding out the top three.
The much-watched list ranks colleges based on selectivity, retention and graduation rates.
Columbia University earned the fourth spot, and Stanford University and the University of Chicago tied for fifth.
A three-way tie for No. 7 gave Duke University, Massachusetts Institute of Technology and the University of Pennsylvania spots on the list.
California Institute of Technology and Dartmouth College tied for the 10th spot.