The ace player outshone West Indies skipper Jason Holder, who has dropped to the second position following a quiet outing during his side's 113-run defeat at Old Trafford.
Stokes headed into the second Test trailing previous world No. 1 Holder with a significant margin of 54 rating points.
He then enjoyed a dominant run with both bat and ball as he powered England to a series-levelling victory. As a result, Stokes leads the all-rounders charts with 38 points clear of his competitor Holder.
A calm and composed 176 followed by a belligerent 78 has additionally allowed Stokes to attain a career-best third position among batsmen.
Stokes' remarkable feat ends Holder's 18-month reign at the top, becoming the first England player to claim this achievement since Andrew Flintoff in May 2006. His tally of 497 rating points is the highest by any Test all-rounder in the past 12 years.
The Englishman is now joint-third with Marnus Labuschagne in the rankings for batsmen, behind Steve Smith and Virat Kohli.
The 29-year-old Durham star's heroics in the Manchester Test were notable for his ability to shift batting gears as per the requirement of the match situation.
Moreover, he inspired his team to a final-day surge with a spirited bowling effort that involved a feisty short-ball barrage to provide a crucial breakthrough on the stroke of tea just when West Indies looked in a good position to salvage a draw.
His teammate Stuart Broad has made his way back into the top 10 after picking up three wickets in each innings.
Broad was shockingly omitted from the lineup for the series opener in Southampton - a decision that was met with skepticism from the veteran seamer himself. He was vital in England's win in the second game as his dynamic new-ball bursts dismantled the visitors.
On the other hand, James Anderson has been demoted to the 11th spot after he was missing from action in the clash.