The channel's "100 best players of all time" series culminated with the Swiss maestro edging out Australian legend Rod Laver for the top spot, as determined by an international panel.
German tennis player Steffi Graf took third spot, followed by Martina Navratilova, Pete Sampras, Rafael Nadal, Bjorn Borg, Margaret Court, Chris Evert and Billie Jean King.
Federer has won a record 16 Grand Slams - two more than American Sampras, who held the previous record with 14. In addition the 30-year-old has won 19 ATP 1000 Masters titles - a record he holds with Nadal.
Federer is the only player to have reached the final of every Grand Slam at least five times and has held the world number one ranking for 285 weeks - one week less than Sampras' all-time record.
Laver, who came in second, is the only man in the open era to have done the Grand Slam - i.e. winning all four majors in the same year (in 1969), while Graf was one of the most dominant women's players of all time - finishing with 22 Grand Slams and the honour of being the only player in tennis history to win the Golden Slam, i.e. all four Majors as well as the Olympic gold medal in the same year (in 1988).
In addition to holding the record for the most number of weeks atop the world rankings, Sampras also has the most Wimbledon titles by a male player in the Open era (7).
Nadal was the only active player apart from Federer to make the top ten, and has won 10 majors, including the French Open a record six times.
Other names on the list included Andre Agassi (12), John McEnroe (13), Jimmy Connors (15), Ivan Lendl (18), Boris Becker (21), Stefan Edberg (25), Justine Henin (26) and Martina Hingis (30)
Tennis Channel's Top 10 Best Players of All Time
1. Roger Federer (Switzerland)
2. Rod Laver (Australian)
3. Steffi Graf (Germany)
4. Martina Navratilova (USA)
5.Pete Sampras (USA)
6. Rafael Nadal (Spain)
7. Bjorn Borg (Sweden)
8. Margaret Court (Australia)
9. Chris Evert (USA)
10. Billie Jean King (USA)