Queen, whose albums include A Kind of Magic, The Miracle and Innuendo, have spent 29 weeks more in the chart than the Beatles.
Elvis Presley, who earlier this year was named the most successful music act of all time by the British Hit Singles and Albums, was at number three in the album chart.
David Roberts, editor of the book of British Hit Singles and Albums, said: "Given that Queen's chart career has been much shorter than those of The Beatles and Elvis, this is an incredible achievement.
"They've long been written about with reverence in the pages of our book, and this just serves to cement their legendary status."
Queen frontman Freddie Mercury died in 1991, but the band have continued to perform.
They wind up their current 32-date European tour with former Free and Bad Company singer Paul Rodgers this week with a performance in London's Hyde Park on Friday.
Other artists in the top 10 include Irish rockers U2 at four with 1,150 weeks in the chart and Michael Jackson with 966 weeks.