After The Silence Breakers won the magazine's 2017 award for speaking up over sexual harassment and assault, all eyes are on who will make the cut this year.
From the Duchess of Sussex to Donald Trump, and Separated Families to March For Our Lives activists, this year's list also act as a reminder of some of the most seminal moments and movements of 2018.
Established in 1927, the award and identifies people or groups who have influenced the world – positively or negatively – over the past 12 months. Here's the shortlist of ten.
Third time lucky? In 2016 the US President was crowned Person of the Year after his election victory – and last year scooped Runner Up.
If he does win it, he's unlikely to celebrate the award – last year he tweeted that he "took a pass" at being named two years in a row.
Time has shortlisted Separated Families, after more than 2,000 families were separated at the US border under a Trump administration policy aimed at deterring illegal immigration.
The "zero tolerance" policy was announced in April to June, resulting in thousands of children held in federal government facilities while their parents were sent to jail.
The inclusion of both Trump and Separate Families on this list shows Time's commitment to measuring the impact of those shortlisted on the news and the world, rather than any editorial bias around "good" or "bad".
Yet another world leader makes the cut, this time Russia's Vladimir Putin.
The controversial President was named the Person of the Year in 2007, and to this day remains a headliner on the TIME ticket.
His government's alleged attempts to intervene with the US presidential election and his "chumminess" with Trump are among the reasons he was shortlisted.
Sometimes the most powerful are those who investigate the powerful.
Robert Mueller has rattled Trump since the former FBI director took over the investigation of the Russian government's efforts to meddle with the 2016 presidential election — and help then-candidate Donald Trump win.
This 32-year-old screenwriter and director turned Black Panther into a cultural and commercial mega-success.
Coogler's take on the Marvel comic featured a predominantly black cast was nominated last week for a Golden Globe, and an Oscar nomination is predicted.
The Duchess of Sussex
Meghan Markle's path from internationally successful actress in US drama Suits to Royalty has inspired millions.
The 37-year-old, who is expecting her first child in Spring, won the world over with a fairytale wedding to Prince Harry in May.
If she wins, she will not be the first royally-connected woman to hold the title.
Wallis Simpson became Time's first "Woman of the Year" in 1936, the year King Edward VIII abdicated the British throne in order to marry her, and Elizabeth II received the honour of "Woman of the Year" in 1952, the year she became Queen.
Like Donald Trump, she is in the running to win the contest for the second year running.
Christine Blasey Ford
TIME nominated California psychology professor Christine Blasey Ford, 52, as a symbol for survivors of sexual assault.
Ms Ford testified in front of senators in September about her allegations against then-Supreme Court nominee, now Judge Bret Kavanaugh.
Murdered journalist Jamal Khashoggi has also made the shortlist, with his death prompting international outcry and scrutiny of the Saudi regime.
The prolific commentator and critic of Saudi Arabia’s Crown Prince Mohammed bin Salman was last seen entering the country’s consulate in Istanbul on October 2, and is believed to have been murdered on the orders of the Crown Prince.
March For Our Lives Activists
Students at a Florida school where 17 people were killed on Valentine's Day made a powerful stand when they organised the #NeverAgain movement and the March for Our Lives demonstrations across America.
After the tragedy at the Marjory Stoneman Douglas High School in Parkland, Florida, they lent a powerful, urgent voice to the campaign for gun-control reforms.
Since hosting Kim Jong Un’s sister at the Pyeongchang Winter Olympics in February, South Korean President Moon Jae-in has met his counterpart from the North in three historic summits on the future of the Korean Peninsula this year.
He also brokered the landmark meeting between Kim and U.S. President Donald Trump.
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