The former 'Hannah Montana' star, who attended Maxim's party in Hollywood wearing a sexy Valentino playsuit, said she was shocked at being named hottest woman, reported MTV online.
Asked who she would have crowned the hottest, she said, "I think Rihanna. She is so sexy!"
Rihanna bagged the third position in the list.
Cyrus, 20, said she could not wait to share the news with her fans on micro-blogging site Twitter.
"My first reaction was to go straight to Twitter but I had to keep my paws off my phone. I think I announced it four days earlier by accident, but it was all because I was so excited. I had to keep my thumbs from pressing send," she added.