The 44-year-old action star will receive the record-busting salary for his role in The Warlords, a war epic based on a Qing Dynasty story.
Nearly half of the 300m yuan (£19.3m) budget for the film went to the cast.
He also held the previous salary record for his role in the 2002 film Hero, where he earned 70m yuan (£4.6m).
Director Peter Chan said Li was a "guarantee" for global sales.
"Without Jet Li, we would not dare to invest 300m yuan in a Chinese-language film," he told Xinhua news agency.
Chinese-language movies have registered a string of hits in the past few years, such as Ang Lee's martial arts tale Crouching Tiger, Hidden Dragon, and ancient history epic, Hero.
The former national kung fu champion made his name in Hong Kong films in the 1990s before moving on to Hollywood, where he starred in films including Lethal Weapon 4 and Kiss of the Dragon.
He is currently filming The Mummy 3, playing a resurrected ancient Chinese emperor.
The Warlords is due to be released in Asia in December.
The Warlords, previously known as The Blood Brothers (simplified Chinese: 投名状; traditional Chinese: 投名狀), is a 2007 Chinese / Hong Kong martial arts / drama film directed by Peter Chan and starring Andy Lau, Jet Li and Takeshi Kaneshiro. The film was released on 13 December 2007 simultaneously in most of Asia, except Japan.[1]
The film is set in the 1860s, during the Taiping Rebellion in the late Qing Dynasty in China.
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