The compilation features highlights from the rock band’s decade of touring with American Idol star Adam Lambert.
The veteran rockers secured the top spot with the most CD and download sales, according to the Official Charts Company.
This was despite a late challenge from K-pop girl group Blackpink, who sit in second place with The Album.
Live Around The World is Queen’s 10th number one album in the UK.
It marks 25 years since 1995’s Made In Heaven, their final offering featuring recorded vocals from Freddie Mercury, and 45 years since their first number one, A Night At The Opera, in 1975.
Queen now equal Eminem, Michael Jackson, Sir Rod Stewart and U2 for 10 number one albums.
In the process, Lambert also scoops his first UK number one album.
Guitarist Brian May told OfficialCharts.com: “Thank you folks for making us number one after all these years. So Queen and Adam Lambert’s very first release is number one. Amazing. God bless you all.”
Drummer Roger Taylor added: “Number one, my favourite number. It’s been 25 years since Queen have had a number one album and it’s a thrill still.
“Thanks to everybody who went out and bought it. I hope you love it and get a lot of kicks out of it.”
Lambert said: “I am beyond thrilled that we are number one. As I always say, I am the luckiest person in the world to be able to work with Brian and Roger, and I’m so glad people are enjoying this album so much.
“The fact that we can celebrate the iconic music of Queen all these years later is incredible. We are hoping to be back on the road at venues across the globe again very soon.”
Oasis’ second album (What’s The Story) Morning Glory? re-enters the albums chart at number three following its 25th anniversary.
Amanda Holden secures fourth place with her debut, Songs From My Heart, while Bon Jovi are at five with their political record, 2020.
Spice Girl Melanie C picks up her first top 10 in 17 years with her self-titled eighth studio album at number eight.
On the singles chart, 24kGoldn’s Mood featuring Iann Dior lands a third week at number one.
