Activision and Treyarch's blockbuster Cold War adventure has accomplished this feat in less than two months since its global debut on November 9th 2010, shattering countless sales records along the way.
The Xbox 360, PlayStation 3, Wii, DS and PC game already holds the title for biggest entertainment launch of all time after notching up more than $650 million in sales in its first five days.
Bobby Kotick, chief executive officer of Activision Blizzard, noted that movie phenomenon Avatar is the only other entertainment property to have ever managed to reach the $1 billion mark so quickly.
He said: "This extraordinary milestone was achieved because of the tens of millions of passionate Call of Duty players around the world."
The Black Ops experience is to receive an expansion in February 2011 with the launch of the First Strike map pack on Xbox 360.