According to latest Official Charts Company sales data, the quartet's Gold album has passed the 5 million mark in the past week.
The achievement puts the album alongside Queen's Greatest Hits and The Beatles' Sgt. Pepper's Lonely Hearts Club Band (46,000 copies behind) as one of only three albums to reach the sales level.
Gold - Greatest Hits marks 20 years since its initial release this October, having racked up eight weeks at Number 1 since it was first released in 1992.
ABBA have had nine Number 1s and another 10 Top 10s in the UK's Official Singles Chart, since their debut hit Waterloo in 1974.
Official Charts Company managing director Martin Talbot says the figures mean that over the past 20 years, one in every five households has bought a copy of Gold, he said:
"This is another incredible record in a career of extraordinary achievements for ABBA, who are unquestionably one of British music fans' all-time favourite acts.
"ABBA are true chart superstars here in the UK - and this latest record adds to their legendary status."
ABBA's landmark has been reached after Adele's 21 broke into the all-time UK Official Albums Chart Top 5 for the first time last month, behind Oasis's What's The Story Morning Glory.
The two albums are among a list of five other albums to have sold more than 4m copies in the UK, the others being Pink Floyd's Dark Side Of The Moon, Dire Straits' Brothers In Arms and Michael Jackson's Thriller.