But for this ceremony, the star, who was recently spotted taking in the haute couture collections of Paris Fashion Week, didn't need an elegant gown.
She was casual and playful throughout a day-long celebration that culminated in her receiving a little golden pot, the annual Hasty Pudding Woman of the Year award presented by Harvard University Theatricals.
Dressed in black slacks and a sparkly black top, the actress began her day with a parade through the snowy streets of Cambridge, Massachusetts. She was joined by members of the all-male troupe who donned elaborate drag costumes.
They honoured Anne for being "one of Hollywood’s most engaging talents" and for her "wide range as an actress."
Before the Oscar-nominated star could collect her pudding pot, however, she had to endure a hilarious 'roast' put on by the cast.
They poked fun at her roles in The Princess Diaries, Brokeback Mountain and The Devil Wears Prada, but Anne appeared fully entertained, playing along with the skits and laughing throughout.
She even responded with her own monologue, a Shakespeare-like thank you speech in which she teased, "The princess jokes got old, but I'll let it slide."
Putting the quips aside but still with dramatic flair, Anne then acknowledged the award as "an honour, a treat" and told the troupe, "How lucky I am to be your chosen one."
The Man of the Year award will be presented next week to Justin Timberlake.