The Disney production overtook Andrew Lloyd Webber's The Phantom of The Opera over the Easter weekend, The AP reports.
Playing in a larger theatre and with higher prices has enabled The Lion King's revenues on Broadway to reach $853,846,062 (£538.4 million) according to Disney's figures, topping Phantom's $853,122,847, despite the latter having been on the stage for a decade longer.
Trade group The Broadway League measured The Lion King and The Phantom of the Opera's total ticket revenues at the slightly-different $854,038,152 and $853,122,847.
Earlier this year, The Lion King stage show returned to Australia after originally closing in 2005.
The original 1994 movie, featuring songs by Elton John and Tim Rice, was re-released in 3D last year.
A new version of Love Never Dies, Lloyd Webber's sequel to The Phantom of the Opera, opened to positive reviews in Australia in 2010.
> Andrew Lloyd Webber marks Mother's Day with Love Never Dies - video
Watch a trailer for the Broadway production of The Lion King below: