It fell from 170th best ranked university in the world in 2014/15 to 182nd in the QS World University Rankings for 2015/16.
Ulster University, meanwhile, was ranked in a band from 551-600 in 2015/16, similar to last year.
The QS rankings are one of the most authoritative rankings of universities across the globe.
The ratings are based on a number of factors, including evaluating each university's strengths in research, teaching, academic reputation, staff to student ratio and the number of international staff and students.
However, QS said it has changed its methodology slightly this year to counteract a bias in favour of universities specialising in life sciences and to better reflect the qualities of institutions focusing on other areas.
The other main global ranking table for universities is the Times Higher Education system, which is due next month.
Massachusetts Institute of Technology in the USA was rated the world's top university in 2015/16, followed by Harvard in second place, with Stanford and the University of Cambridge in joint third place.
The UK had 30 universities, including Queen's University, in the world's top 200.
In the UK alone, QUB was ranked 29th, while Ulster University was ranked 56th.

The Good Morning Britain host had scoffed at the decision to host a Ferris wheel in Dudley.
He told viewers even people in the town thought it had "a horrible view".
However, local businessman Dave Carter launched a campaign to get people riding the attraction wearing the masks to mark April Fools' Day.
About 40 people wearing the masks that were handed out in the town centre was granted a free ride before 10:00 BST.
More on this and other stories from Birmingham and the Black Country
Mr Carter said about 4,000 people have ridden the 115ft (35.05m) high attraction, which has been branded "the worst tourist attraction in the UK", adding the wheel had done the town "a really big favour".
"Most people have come along to see what all the fuss is about, and they're turning up to Dudley, doing a bit of shopping, going on the Eye and finding out that it's actually quite good," he said.
"It was all in good humour - you could see people's tongues in their cheeks through the masks."
Mr Morgan has been invited to Dudley to experience the ride, Mr Carter added, but he has not yet accepted the invitation.
Queen's University, Belfast (QUB) has fallen 12 places in the latest global university rankings.
[NEXT_CONCEPT]
Black Country residents have mocked TV presenter Piers Morgan by wearing masks of his face while riding a visitor attraction he publicly criticised.