The 23-year-old singer tops the annual FHM magazine list.
Twice winner Cole took second place ahead of pop star Rihanna and glamour model Rosie Jones.
Model and Transformers actress Rosie Huntington-Whiteley drops down to 18th place from top of the list in 2011.
Irish model and Celebrity Big Brother contestant Georgia Salpa is fifth, followed by US pop star and Russell Brand's ex Katy Perry.
Actress Megan Fox, glamour model Keeley Hazell, Friends With Benefits star Mila Kunis and Inbetweeners actress Emily Atack complete the top 10.
Pippa Middleton makes FHM's 100 Sexiest Women In The World list at 11, while her sister the Duchess of Cambridge is 32nd.
Singer Pixie Lott is 12th place, followed by fashion model Daisy Lowe.