Foxx, 37, won an Oscar for his leading role in the film Ray. He joins Clint Eastwood, Quentin Tarantino, Michael Moore and Johhny Depp who are also influential people from the world of film.
On the musical side, the magazine named Alicia Keys, Jay-Z and Kanye West to the list.
According to Time, these artists of cinema and music have "have won fans everywhere in the world."
The list of the 100 most influential people of 2005 was published Monday. The list is comprised of politicians, business people, scientists and other personalities across 31 countries.