The Crimson Tide (11-1) received 25 of a possible 59 first-place votes from the media panel and 1,426 points. The Seminoles (12-0) have 29 first-place votes and 1,423 points.
Alabama is No. 1 for the 72nd time overall and first since it lost last year's Iron Bowl. The Tide beat Auburn 55-44 on Saturday.
It is also the seventh straight season the Crimson Tide has been No. 1 at some point, the longest such streak since Miami from 1986-92.
Florida State is the first team to lose the No. 1 ranking twice in a season since Penn State in 1997.
The last time a No. 1 team had a loss and No. 2 was undefeated this late in the season was Nov. 27, 1993, when Florida State (11-1) held the top spot and Nebraska (11-0) was No. 2.
Those Seminoles, who lost to Notre Dame a few weeks prior, went on to beat Nebraska in the Orange Bowl and win the national title.
No. 3 Oregon received five first-place votes in the latest poll.
TCU jumped two spot to No. 4. Baylor slipped one to No. 5 and Ohio State moved up one to No. 6. No. 7 is Michigan State, followed by Arizona and Kansas State. Mississippi State fell six places to No. 10 after losing to Ole Miss.
Alabama is the third team to hold the No. 1 ranking this season following Florida State, which was preseason No. 1, and Mississippi State, which held the top spot for five weeks.
The Tide and Seminoles played conference championship games on Saturday and both, along with Oregon, seem to have a clear path to the College Football Playoff if they win.