The singer, due to perform at the Brit Awards on Wednesday night, follows in the footsteps of fellow US star Katy Perry who won last year.
Swift was presented with her award at the event by another winner, Sam Smith, who was named musician of the year.
Cara Delevingne won the breakthrough actress award. She'll appear in DC Comics film Suicide Squad next year.
Guests at the event at the Sky Garden at London's 20 Fenchurch Street, commonly known as the Walkie Talkie Tower because of its distinctive shape, included Pixie Geldof and Naomi Campbell.
MARC by Marc Jacobs designers Katie Hillier and Luella Bartley were awarded the contemporary brand award and were pictured backstage with MIA.
Pop stars Nick Jonas and model David Gandy were there as well.
Burberry boss Christopher Bailey won the editor's choice award while Luke Evans, one of the stars of The Hobbit, was named actor of the year.
He was handed his award by Ellie Goulding.
Meanwhile, Rosie Huntington-Whiteley was named model of the year.
She said: "I would say since, very early on in my modelling career everyone always told me, 'By the time you're 27 it's going to be over, so make sure you plan something else'.
"And I'm 27 now and I think for me it was always really important that I'd built something for myself afterwards, and I hope that's what I'm doing and we'll see."
Jourdan Dunn, Daisy Lowe and Naomi Campbell all put in appearances.
The Elle Style Awards were hosted by Radio 1 Breakfast Show host Nick Grimshaw.
Also putting in appearances were Mollie King from the Saturdays and a pregnant Abbey Clancy.
Model and actress Lily Cole, who set up her own social network which invites people to give their services and skills away to help others, won the H&M conscious award.
She received her gong from Olivia Wilde.
Honourable Woman star Maggie Gyllenhaal won the TV actress award. She was presented with her gong by Game of Thrones star Gwendoline Christie, who plays Brienne of Tarth in the show.
And Ashley Williams was handed her emerging designer prize by Pixie Geldof.
X Factor producer Simon Cowell was recognised for his outstanding contribution to entertainment and was there with partner Lauren Silverman.
Cowell said: "It's a fantastic time to be British. It really is. It's like a badge of honour at the moment."
Alexa Chung and F1 champion Lewis Hamilton also posed for the cameras.
The film actress gong went to Diane Kruger while the red carpet designer award went to Mary Katrantzou.
Calvin Harris was there too.
The event, now in its 18th year, also saw Australian actress Rebel Wilson named rising star with Jennifer Saunders photographed with her on the red carpet.
Before winning her award she said: "I have left room in my luggage for a trophy so if I win a trophy it will be  fine because I have room to take it on the plane."
Lindsay Lohan was there as well.
Designer of the year went to Erdem Moralioglu, who was photographed with Alexa Chung.
The lifetime achievement award went to Spanish show designer Manolo Blahnik.
Stuart Vevers was handed his accessories designer gong by Jessie Ware.
British Victoria's Secret model Lily Donaldson was also photographed backstage.
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Taylor Swift has been named woman of the year at this year's Elle Style Awards.