Cambridge has been ranked fifth place, down from second. Meanwhile, Oxford sits in third.
University College London secured ninth spot, meaning the world’s top 10 is comprised of four British universities.
The QS World University Rankings judges academic institutions on a range of areas, including reputation, employer reputation and faculty-student ratios.
In this year’s table, Oxford was only beaten by Harvard University in the US for its reputation. Cambridge placed third.
MIT has held the top spot for an impressive 13 years in a row.
Last year, QS introduced three new metrics to decide its rankings: sustainability, employment outcomes, and international research network.
They said that it “did not make these changes lightly” and that they were brought in to “reflect the shifts in higher education” and “changing priorities of students”.
Prof Hugh Brady, president of Imperial College London, said: “Imperial’s ranking is a testament to the quality and commitment of our entire community.
“It is inspiring to see our students, staff, and partners come together every day to interrogate the forces that shape our world and address the challenges facing humanity and our planet.”