The songwriter for the band Oasis, who described his music as "the same old pub-rock bollocks", polled just ahead of "slowhand" Eric Clapton in a survey for the industry magazine Guitar.
Others were the late Nirvana star Kurt Cobain at number four and Eddie Van Halen - famed for his hammering-on technique - at number six.
Many of the same stars were also named by readers in the best guitarist list - but not Gallagher.
Jimi Hendrix was voted best guitarist of the millennium. Runners up were Eric Clapton and Jimmy Page of Led Zeppelin, with Stevie Ray Vaughan, Peter Green, formerly of Fleetwood Mac, and Jeff Beck close behind.
Kurt Cobain was one of four musicians polled as both the century's best guitarists and most overrated musicians. These included Clapton and Van Halen.
Hendrix's most-admired performance was on the track "Purple Haze", which was also nominated as the containing the century's second-best guitar riff. The best was thought to be that in "Layla" by Derek and The Dominoes, played by Clapton.
Nevermind, by Cobain's band, Nirvana, was chosen as the millennium's best album ahead of Dark Side of the Moon by Pink Floyd and Electric Ladyland by Hendrix.
Two of The Beatles' albums were voted into the top 10 - The Beatles (the "White Album" of 1968) and Sergeant Pepper's Lonely Hearts Club Band.Reuse content