The event, which hails from the Council of Fashion Designers of America, Inc., took place at Brooklyn museum on Monday. The CFDA's membership consists of more than 500 of America's top fashion, jewelry and accessory designers.
Lopez was honored with the Fashion Icon of the Year Award which was presented by designer Tom Ford. The singer and actress arrived to the event in a red, Ralph Lauren crop top that contained crystals and a matching skirt. She was accompanied by her fiance Alex Rodriguez.
"To be here tonight amongst all these amazing designers and artists and to be honored you know for what I love to do anyway, it's like a dream," Lopez said on the red carpet.
The Olsen Twins won Accessory Designer of the Year for the second year in a row for their brand The Row. The award represents their fifth CFDA award win.
Other big winners included Brandon Maxwell winning Womenswear Designer of the Year, Rick Owens winning Menswear Designer of the Year and Emily Adams Bode winning Emerging Designer of the Year for her label Bode.
Mattel doll Barbie took home the CFDA Board of Directors Tribute Award for the doll's impact on fashion and vast social reach.
"She's made an indelible mark on society while continuously inspiring all ages to believe that they can be anything," the CFDA said.