Kohli, with 903 rating points, is 34 points behind Smith (937).
The former Australian captain’s compatriot Pat Cummins, meanwhile, retained his top spot in the Test bowlers’ rankings.
Both Smith and Cummins played key roles in helping Australia retain the Ashes.
The five-match series, culminating in a 135-run victory for England on Sunday, ended in a 2-2 draw.
Smith’s scores of 80 and 23 in the final Test helped him remain at 937 rating points, an incredible effort considering he started the series in fourth position with 857 points. His surge came courtesy 774 runs in four Tests.
Cummins, too, is well clear of other bowlers—the fast bowler has a lead of 57 points lead over second-placed Kagiso Rabada after finishing as the top wicket-taker during the England series with 29 scalps. India’s Jasprit Bumrah is in third place.