The magazine announced the actor-writer-director as its pick on Tuesday night during The Late Show with Stephen Colbert.
Krasinski starred in The Office before launching the Quiet Place franchise and leading the action series Jack Ryan.
He joked in an interview with the magazine that he hoped his wife, fellow actor Emily Blunt, would make good on a promise to plaster the cover as wallpaper at their home.
He takes the mantle from 2023's honoree, Patrick Dempsey.
Krasinski, 45, told People his immediate reaction to the honour was "just immediate blackout, actually. Zero thoughts."
He said he thought he might be getting pranked.
Now in its 40th year, the first Sexiest Man Alive was Mel Gibson.
Other past recipients include Brad Pitt, George Clooney, John F. Kennedy Jr, David Beckham, Michael B Jordan, John Legend, Dwayne Johnson, Paul Rudd and Pierce Brosnan.
Also earning a place in People’s Sexiest Man Alive issue for 2024 was producer Benny Blanco, who gushed about his girlfriend, Selena Gomez.
“I have a true best friend that I get to do everything in the world with, and every day is the best day of my life,” he told People.