Woods birdied the 18th on Sunday to post a two-shot win over David Duval and a three-shot margin over Mickelson.
The victory marked his third consecutive win in as many starts and was his second title at Augusta National. He became the first player in history to own all four professional major championships at one time as he captured the U.S. Open, British Open and PGA Championship last year.
Mickelson, who bogeyed the 16th hole on Sunday when he was down by one stroke, will have to wait for his first professional major but did come in second this week.
Ernie Els finished third, followed by Lee Westwood, who missed the Masters in anticipation of the birth of his first child.
Colin Montgomerie and 2000 Masters champion Vijay Singh switched rankings from last week with the Scotsman taking fifth and Singh sixth.
Davis Love III missed the cut at Augusta National but held on to his seventh spot, followed by Duval, who took his third top-three finish at the Masters in the last four years. Darren Clarke remained in ninth place.
Jesper Parnevik jumped two places to 10th this week while Hal Sutton fell from the top-10 to No. 11. Jim Furyk claimed his second top-10 finish at the Masters when he tied for sixth, and moved to 12th this week.
Tom Lehman dropped two notches from 11th to 13th as Canadian Mike Weir kept his 14th position from the week prior. Thomas Bjorn and Nick Price swapped places this week with Bjorn climbing to No. 15 and Price dipping to No. 16.
Sergio Garcia missed the cut at Augusta but held on to the 17th ranking. Mark Calcavecchia, already a winner on tour this season, used a tie for fourth at the Masters to jump into the top-20 at No. 18.
Michael Campbell moved down one to No. 19 and Ireland's Padraig Harrington rounded out the top-20. Stewart Cink fell out of the top-20 as he dropped two places to 21st.
Click here for more golf news!