The English Premier League giant, pipped Real Madrid, who held the top spot for 11 years to a record revenue for the 2015/16 season of £515.3m.
Real drop down to third, behind Spanish rivals Barcelona, who remain in second spot by just €100,000.
United became the first football team to earn more than £500 million in a season, with £50m more than Barcelona and Real generated.
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German giants Bayern Munich move up a position to fourth and Manchester City also climb a spot to fifth – It is the first time City have reached the top five of the annual list. Paris Saint-Germain fell two places to sixth.
Arsenal, Chelsea and Liverpool, remain in seventh, eighth and ninth respectively, with all setting new club records for revenue.
Juventus, the only Italian team in the top 10, finished in 10th place.
The Deloitte Football Money League measures a club’s earnings from matchday revenue, broadcast rights and commercial sources, and ranks them on that basis. The study does not include player transfer fees.