The left-hander narrowly missed out on a sixth major title on Sunday, losing out to Rory McIlroy by one shot at Valhalla Golf Club.
However, Mickelson's runners-up finish elevated him four places in the rankings to ninth, one place ahead of Australian Jason Day.
The 44-year-old dropped out of the top 10 after missing the cut at the Players Championship in May, but this latest rankings boost comes as a further fillip for Mickelson, who also secured an automatic spot on the US Ryder Cup team as a result of his performance in Kentucky.
Other movement inside the top 10 saw Henrik Stenson climb above Sergio Garcia into third, after the Swede tied for third with Rickie Fowler at the year's final major.
Fowler has ascended five places to 13th, while Jim Furyk jumped two spots to sixth after sharing fifth with Ryan Palmer, who is up 14 places to 49th.
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