While holding it to be an offence and cruelty to animals, a bench of Justice K.S. Radhakrishnan and Justice Pinaki Chandra Ghose also asked the centre to amend the law on preventing cruelty to animals to bring bulls within its ambit.
The court also struck down a 2011 Tamil Nadu law regulating the conduct of Jallikattu.
The law provided for conducting Jallikattu from January to May in various places in Tamil Nadu to ensure the protection of not only the participants but also of the spectators.
The law was enacted in the wake of a large number of deaths and injuries that took place during the sport.
The ban order came as the apex court allowed an appeal by the Animal Welfare Board of India challenging a Madras High Court verdict.
PETA welcomes SC order on Jallikattu
Meanwhile, People for the Ethical Treatment of Animals (PETA) welcomed the Supreme Court judgement banning "jallikattu", a rural sport of taming bulls practised in South Tamil Nadu and described it as a "landmark" verdict.
"This is a landmark victory for animals in India. Year after year, court guidelines or laws were violated during jallikattu and bull races, and countless bulls and people have suffered and even painfully died", PETA India Director of Veterinary Affairs Dr Manilal Valliyate said in a statement.
"Supreme Court has made it clear that cruelty to bulls will no longer be tolerated and that the animals deserve our protection and respect", he said.
Jallikattu is an adventure sport involving taming of bulls, held in Tamil Nadu as part of Pongal celebrations on "Mattu Pongal" day.
Besides the World-famous "Alanganallur jallikattu" in Alanganallur near Madurai, it is also held in Palamedu. DMK Chief M Karunanidhi declined to comment on the apex court order, saying he was yet to read the full order.
(With agency inputs)