The magazine also honored Philippine journalist Maria Ressa, Reuters reporters Wa Lone and Kyaw Soe Oo - currently imprisoned in Myanmar - and the staff of the Capital Gazette in Annapolis, Maryland, including five members killed in a June shooting.
"As we looked at the choices, it became clear that the manipulation and abuse of truth is really the common thread in so many of this year's major stories from Russia to Riyadh to Silicon Valley," Time's Editor-In-Chief Edward Felsenthal said in announcing the decision on the Today morning show.
"We chose to highlight four individuals and one group who have taken great risks in pursuit of greater truths, starting with Jamal Khashoggi" he added.
Washington Post contributor Khashoggi, who was critical of Saudi Crown Prince Mohammad bin Salman's policies, was murdered at the Saudi consulate after entering the consulate premises for marriage documents.