The ball is hosted by Vogue's Editor-in-Chief Anna Wintour and this year was co-hosted by Carey Mulligan and Miuccia Prada and celebrates the opening of this year's Costume Institute exhibit "Schiaparelli and Prada: Impossible Conversations" which takes a look at the daring fashions of two of the industry's greatest, Elsa Schiaparelli and Miuccia Prada.
Here are some of my favorite looks from the red carpet...
Carey Mulligan in Prada, Jessica Alba in Michael Kors, Cameron Diaz in Stella McCartney
Camilla Belle in Ralph Lauren
Ashley Greene in Donna Karen, Anna Wintour in Prada, Amy Adams in Giambattista Valli
Gwyneth Palthrow in Prada, Jessica Biel in Prada with Justin Timberlake
Paula Patton in Vera Wang, Emily Blunt in Calvin Klein with John Krasinski
Kirsten Wiif in Stella McCartney, Ginnifer Goodwin in Monique Lhuillier, Eva Mendes in Prada
Emma Roberts in Escada, Katheirne McPhee in Elie Saab, Emma Stone in Lanvin
Diana Agron in Carolina Herrera, Diane Kruger in Prada
Leslie Bibb in Zac Posen, Kate Bosworth in Prada
Beyonce in Givenchy, Nina Dobrev in Donna Karen
Cate Blanchett in Alexander McQueen, Gisele Bundchen in Givency
Poppy Delevinge in Chanel, Rihanna in Tom Ford
Christina Ricci in Thakoon, Sarah Jessica Parker in Valentino Haute Couture