Goat (Greatest Of All Time), Ootd (Outfit Of The Day), Pap (Post A Picture) and "Netflix and chill" (a hook-up) all made the list.
Bad means good, Savage means extremely good, No chill means irrational and Thot is a derogatory word for a woman.
The site allows anonymous chat and takes the form of a Q&A.
Anyone can pose a question or answer the questions of others.
"Teen language can experience a seismic shift with just a few clicks, texts or posts - and word or even symbol choices can literally change by the day," said Andrea Cutright, chief operating officer of the platform.
"Teens use our Q&A platform as a means to express themselves through dialogue, so we have our finger on the pulse of how teens talk - be it in the form of acronyms, new definitions or the latest emoji."
Tbr - to be rude (before writing something harsh)
Slept - knocking someone out, missing something good or being high
Ship - relationship
:3 -  symbol which represents the cat-like face made by animal characters when they say something clever, sarcastic, or comment on something cute
Idek - I don't even knowâ€¦
Ikr - I know, right?
A frog and coffee cup emojis together - I'm just saying.../But that's none of my business
Smh - shaking my head
Dime -  a kind of approval rating on a score of 1-10
The fact that people can post anonymously has been blamed by some for encouraging online bullying.
The site introduced various safety measures, including the option for members to block anonymous comments, following a spate of teen suicides in 2013.
The high-profile suicide of 14-year-old British girl Hannah Smith was initially linked to abusive messages she received on Ask.fm, although a police investigation revealed that she appeared to have written them herself.
Platform owner Ask.com told the BBC that in 2014 it considered closing the service altogether.
"We came to the conclusion that there's a good business here as long as you make the service safer," said chief executive Doug Leeds.
"Our motto since we bought the company has been anonymity with responsibility."
Social platform Ask.fm has revealed the top 20 acronyms and slang terms used by its 150 million members, who are mostly teenagers and young adults.