It trumped former Olympic hosts Paris, Tokyo, Moscow and Amsterdam to come in at No 9 in this year's list.
The SportBusiness Ultimate Sports City Awards, which are held every two years, decide the internationally recognised rankings of the top sports hosts.
Glasgow's listing in the Top 10 builds on the success of the 2010 awards, which saw the city cross the finishing line in 11th place.
It also doubled its success by retaining the title of No 1 city for Sports Marketing And Branding, which it won at the 2010 ceremony.
Glasgow was up against 25 other locations in the category for Ultimate Sports City and was one of only three in the UK to make the Top 10, with Manchester at No 5 and London, the upcoming Olympics host, declared best in the world.
Gordon Matheson, Glasgow City Council leader and chairman of Glasgow City Marketing Bureau, said: "Glasgow's reputation as a world leader in terms of sport is growing year on year thanks to our world-class events programme and investment in facilities, such as the stunning new Commonwealth Arena.
"To have improved on our 2010 ranking and made the Top 10, while retaining our top position when it comes to marketing and branding, is testament to the hard work of our teams across the city and of our national partners."
Rankings are determined by a panel of judges with knowledge of large scale sporting events.
The results, announced in Quebec City, Canada, were calculated by examining the number of annual events, the calibre of events being bid for, the quality of sporting facilities and venues and other issues, such as transport links, accommodation, quality of life, marketing and use of social media.
Among the major attractions in Glasgow this year are events for the Olympics, Scotland's World Cup football qualifying ties, the Great Scottish Run and the recent Women's 10K.
The full Top 10 is: 1-London; 2-Melbourne; 3-Sydney; 4-New York; 5-Manchester; 6-Singapore; 7-Berlin; 8-Copenhagen; 9-Glasgow; 10-Paris.