The 32-year-old "Fitoor" star walked the Cannes red carpet in a scarlett gown last year, earning praise for her look.
"Cannes is a fabulous platform for any artist to attend, and I really enjoyed the experience last year. While the brand invited me to attend Cannes again this year, I have had to regretfully decline the opportunity due to prior commitments.
"This has been an enormously busy year for me so far, and I am working on some amazing projects which are really keeping me on my toes. Nevertheless, although I will be giving Cannes a miss this year, I wish the lovely L'Oreal Paris ambassadors who will proudly represent India the very best and hope to attend next year," Kaif said in a statement.
The Cannes International Film Festival is scheduled to be held from May 11-21. Aishwarya Rai Bachchan and Sonam Kapoor will be representing the brand at event this year.