Bindon Bottom B&B, in West Lulworth, Dorset, beat competitors in Florida, Prague and Belgium to claim the crown.
Bridlington's South Lodge Guest House and Swallows Rest B&B, in Brigstock, Northants, came third and fifth.
A spokesperson for Visit England said the results were "fantastic news".
Lisa and Clive Orchard, who own Bindon Bottom B&B, said, "We are genuinely appreciative to be recognised again in this year's Travellers' Choice Awards, and we want to sincerely thank all of our guests for reviewing us so kindly."
The Orchard's guest house saw off competition from B&Bs in the US, Czech Republic, Italy and Belgium to claim the top spot. The B&B has received 929 excellent reviews out of a total of 940
TripAdvisor spokeswoman Hayley Coleman said the awards, now in their 15th year, are "unlike other hospitality awards".
"[The awards] are based on feedback from actual guests over the past year, which is what makes them so prized within the industry," she said.
Clare and David Petty, owners of Thornleigh Guest House, in Keswick said they were "delighted" to feature in the top ten.
"A huge thank you to all of our lovely guests for choosing to stay with us and writing such wonderful reviews."
Visit England said: "It is fantastic news that five of England's B&Bs are rated by travellers in the top 10 globally, including the top spot.
"This continues the upward trend we've seen in recent years demonstrating that our tourism, accommodation and service is not only exceeding customer expectations but up there competing with the world's very best."
The humble English guest house has triumphed over its international counterparts to claim five of the world's ten best B&Bs, according to travel giant TripAdvisor.