There are now 7,465,000 people living in Israel, the central bureau of statistics reported on Wednesday.
The figure represents a rise of 1.8 percent over last year.
The study, released ahead of the Jewish holiday of Rosh Hashanah, find that 75.4 percent of the population is Jewish, 20.6 percent are Arab, and the rest are identified as others.
The study also found that thousands of people left Tel Aviv and Jerusalem over the last year, in order to seek cheaper housing outside of Israel's two largest cities.
According to the study, the Israeli populace is relatively young compared to that of other countries, with 28.4 percent of the population under the age of 14, in contrast to the average of 17 percent among Western countries.
The percentage of Israelis over the age of 65 stands at 9.7, as opposed to the average in the Western world, which stands at 15.