The 48-year-old was honoured for a career which has spanned two decades and countless different looks.
Her constant reinvention has taken her from backcombed hair and fingerless gloves in the Eighties to her most recent incarnation as a leotard-clad disco diva.
The Material Girl launches her new designs for high street store H&M next month.
The Elle magazine awards - billed as "the unofficial fashion Oscars" - were held at the Roundhouse in Camden, north London.
Naomi Campbell was named best model.
Spanish beauty Penelope Cruz, fresh from her appearance at the Baftas, picked up the best film award for Volver.
Thandie Newton won best actress for The Pursuit of Happyness and Ashley Jensen was there to accept the best TV show prize for Ugly Betty. The best actor award went to Jude Law and Amy Winehouse won best British music act.
Stella McCartney was named best international designer.
Presenters at the glamorous ceremony included Peaches Geldof, Sophie Ellis Bextor and Kelly Osbourne.