In this paper, a general control allocation (CA) algorithm is proposed based on a lexicographic optimization (LO) strategy for a vehicle's longitudinal and lateral control. The primary objective of this CA is to distribute the torque adjustments of the lateral controller such that the error between the desired and actual forces and moments at the vehicle's center of gravity is minimized, while maintaining the longitudinal tire slip ratios close to a desired range. Presence of various constraints in practical systems can significantly increase the complexity and effort of properly adjusting the tuning parameters in the objective function. Hence, an LO method is used to prioritize the objectives. Lateral stability of the vehicle has the highest priority and is subject to the constraint of maintaining small tire slip ratios. The second priority of CA is assigned to minimize the adjustment torques. The proposed LO-based approach reduces exhaustive vehicle testing commonly required for tuning of the separately designed controllers and the cost and time of the implementation. In addition, it makes the algorithm easily transferable from one vehicle to another by reducing the number of tuning parameters. Simulation and experimental results are presented to show the effectiveness of the proposed approach.