The left-arm seamer leapfrogged 17 places to put him in a joint-ninth position alongside India's Arshdeep Singh, both with 653 rating points.
His performance against Pakistan in the ongoing T20 series was key in his massive leap. He returned extraordinary bowling figure of 4-0-6-2 in the first match before taking 1-5 in 3.2 overs in the second match. Bangladesh won the both game to seal their first ever T20 series victory against Pakistan.
Overall Mustafizur claimed three wickets at an average of just seven.
Bangladesh's offspinner Mehedi Hasan (up nine places to 16th), pacers Tanzim Hasan Sakib (up nine places to 37th) and Shoriful Islam (up 14 places to 43rd) have also moved up the rankings after their excellent performance in the Pakistan series.
Bangladesh batters also enjoyed a good move in the rankings. Tanzid Hasan Tamim (up 18 places to 37th) and Towhid Hridoy (up two places to 39th) made notable gains in the top 50 of the batting rankings.
Jaker Ali Anik who played a match-winning 39 ball-56 in the second T20 against Pakistan is in joint-53rd position with New Zealand's Devon Conway after gaining 17 places.
Elsewhere, all-rounder Roston Chase and captain Shai Hope of the West Indies have achieved career best positions in the ICC Men's T20I Player Rankings after some fine performances in the first two T20Is of their five-match home series against Australia which the visiting side lead 2-0.
Chase, who struck 60 off just 32 balls in the first T20I in Kingston and scored 76 runs in two matches, has advanced 37 places to 98th among batters and seven places to a career-best second position in the all-rounders' list that is led by India's Hardik Pandya. Chase's previous best was the eighth position that he had reached in December last year.
Australia captain Mitchell Marsh has gained three slots to reach 23rd position, West Indies' batter Brandon King is up four places to 30th, reports BSS.