The "Beverly Hills Cop" star, once among Hollywood's top box office draws, returned just $2.30 per dollar earned in his last three films — "Imagine That," "A Thousand Words" and "Meet Dave."
Nor did last year's Tower Heist live up to its box office expectations, Forbes wrote, adding:
"Murphy's career has just collapsed."
Murphy took over from last year's "winner" Drew Barrymore.
Katherine Heigl was second on the list, followed by Oscar winners Reese Witherspoon and Sandra Bullock, and Jack Black in fifth place.
Comedy performers Adam Sandler and Ben Stiller were also criticized for their high salaries and low box office returns, as was two-time Oscar winner Denzel Washington.
Will Ferrell, who topped the list twice in the past four years, fell out of the top-10.
The 10 most-overpaid actors in Hollywood - according to Forbes:
1. Eddie Murphy
2. Katherine Heigl
3. Reese Witherspoon
4. Sandra Bullock
5. Jack Black
6. Nicolas Cage
7. Adam Sandler
8. Denzel Washington
9. Ben Stiller
10. Sarah Jessica Parker
Murphy, second on the list last year, backed out of hosting the 2011 Academy Awards, the Independent pointed out.