Alon and Shikhelman initiated the systematic study of a generalization of the extremal function. Motivated by algorithmic applications, the study of the extremal function $\text{ex}(n, K_k, K_t\text{-minor})$, i.e., the number of cliques of order $k$ in $K_t$-minor free graphs on $n$ vertices, has received much attention. In this paper, we determine essentially sharp bounds on the maximum possible number of cliques of order $k$ in a $K_t$-minor free graph on $n$ vertices. More precisely, we determine a function $C(k,t)$ such that for each $k < t$ with $t-k\gg \log_2 t$, every $K_t$-minor free graph on $n$ vertices has at most $ n C(k, t)^{1+o_t(1)}$ cliques of order $k$. We also show this bound is sharp by constructing a $K_t$-minor-free graph on $n$ vertices with $C(k, t) n$ cliques of order $k$. This bound answers a question of Wood and Fox-Wei asymptotically up to $o_t(1)$ in the exponent except the extreme values when $k$ is very close to $t$.