The Canadian singer's festive opus leapfrogged Jukebox by JLS and Snow Patrol's Fallen Empires, both of which outperformed him in the midweek update, to take the title by a sales margin of less than 1%.
Meanwhile, Coldplay shoot two to four with their former chart-topper Mylo Xyloto, Drake completes the top five with his new LP Take Care and outgoing number one Someone To Watch Over Me by Susan Boyle dips down to six.
Ed Sheeran is up to seven from last week's ten with +, while Adele also climbs one place to eight with 21, which has now spent 43 weeks on the chart.
However, Florence + the Machine's Ceremonials drops six places from last week's three to take it to nine, while The Waltz Goes On by André Rieu & His Johann Strauss Orchestra also falls three places to round out the Top 10.
Outside of the bestsellers, tenor Andrea Bocelli's Concerto: One Night In Central Park debuts at 17, scraping ahead of Pixie Lott's Young Foolish Happy, which lands at 18, and REM's best-of compilation Part Lies, Part Heart, Part Truth, Part Garbage - 1982-2011 at 19.
The Top 10 in full:
1. (2) Michael Bublé: 'Christmas'
2. (-) JLS: 'Jukebox'
3. (-) Snow Patrol: 'Fallen Empires'
4. (6) Coldplay 'Mylo Xyloto'
5. (-) Drake 'Take Care'
6. (1) Susan Boyle 'Someone To Watch Over Me'
7. (10) Ed Sheeran '+'
8. (9) Adele '21'
9. (3) Florence + the Machine 'Ceremonials'
10. (7) André Rieu & His Johann Strauss Orchestra 'The Waltz Goes On'
Source: Official Charts Company
> This week's singles chart
Listen to 'All I Want For Christmas Is You' from Michael Bublé's number one album Christmas below:
View the latest Official Top 100 Album Chart