The James Wan-directed movie - which is the last film in the series to star late actor Paul Walker - hit the impressive figure in a record-breaking 17 days.
According to Box Office Mojo, the racing movie became the 20th movie to reach the mark along with legendary blockbusters such as 'Aviator' and 'Titanic'.
What's more, the seventh installment has become the highest grossing film of the year so far.
This comes shortly after Vin Diesel predicted the action film will win the Oscar for Best Picture.
He said: ''Universal is going to have the biggest movie in history with this movie.
''It will probably win best picture at the Oscars, unless the Oscars don't want to be relevant ever.''
Vin also claimed no other movie made this year will match the ''power'' of 'Fast & Furious 7', which also stars Dwayne 'The Rock' Johnson, Michelle Rodriguez and Paul Walker.
The actor explained: ''This will win best picture. There is nothing that will ever come close to the power of this thing.''
Subject: Fast and Furious 7 becomes the fastest film to make a billion dollars 
