The historical epic, about Scottish hero William Wallace's uprising against English rule, has beaten Russell Crowe's 2001 drama A Beautiful Mind in the poll by British magazine Empire.
The publication's list acknowledges the least-deserving winners of the Academy Awards' most prestigious prize.
An Empire spokesperson explains, "This typical piece of Pom-bashing from Mel Gibson is just about the all-time worst Best Picture.
"Randall Wallace (writer) might have merited praise for making 14th century history relevant to audiences who thought King Edward was a potato or a cigar, but his dialogue has all the thudding subtlety of a parody."
The Top 10 Worst Best Pictures:
1. Braveheart (1995)
2. A Beautiful Mind (2001)
3. The Greatest Show on Earth (1952)
4. Ordinary People (1980)
5. Forrest Gump (1994)
6. Terms of Endearment (1983)
7. Around the World in 80 Days (1956)
8. Cavalcade (1933)
9. Rocky (1976)
10. How Green Was My Valley (1941)
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