Almost 12,000 employees will make money on their investments, ranging from£1,000 to£45,000.
M&S employees had the choice of saving between£50 and£250 a month over a period of three, five or seven years.
Staff who saved the maximum amount in the three-year scheme have made more than£20,000 on an original investment of£9,000.
Chief executive Stuart Rose said: 'We're delighted that so many of our people have benefited from Sharesave this year and that their faith in M&S and their hard work has been rewarded.'
Employees save on a monthly basis for a fixed term and use their savings, plus a bonus, to buy shares at 20 per cent discount to the market price at the beginning of the savings period.
The latest Sharesave initiative was launched in November and 15,000 M&S employees have started saving in three- and five-year schemes.
M&S will reveal its Christmas trading update tomorrow.
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