The Delhi-based museum, which traces the history of the lavatories for the past 4,500 years, figures in the list released by the publication on the occasion of the International Museum Day.
Phallological Museum located in Reykjavik, Iceland tops the list. The Museum of Bard Art in Massachusetts, US takes the second spot followed by the Sulabh International Museum of Toilets.
"Ever wanted to learn about the entire evolution of toilets throughout human history Then get yourself to India to visit this museum, which traces the history of the toilet for the past 4,500 years. From simple chamber pots to elaborate decorated Victorian toilet seats, you'll see it all.
There's even a toilet disguised as a bookcase," The Time said.
Other museums in the list include The Museum of Broken Relationships, Zagreb in Croatia; Momofuku Ando Instant Ramen Museum (Osaka, Japan), International Cryptozoology Museum (Portland, Maine); Meguro Parasitological Museum (Tokyo); Museum of Medieval Torture Instruments in Amsterdam, Netherlands, and the Kansas Barbed Wire Museum at La Crosse in Kansas, USA.