The 39-year-old mother-of-four showed off a lot of cleavage in the lace-up blue and gold studded Versace gown as she arrived on the red carpet, reported Daily Mail online.
With this year's ceremony being held in her native Germany, the supermodel was a natural choice to host the awards.
Besides the the rather skimpy number she arrived in, Klum wowed the crowds in a variety of costumes throughout the evening.
Ahead of the show she revealed, "I have six different outfits from Versace that I love very much and I think for an event like the MTV awards I usually have a little bit more fun, I can be a little bit more sexy, a little more rock 'n' roll."
It wasn't long until Klum had her first outfit change and changed in to a cream strapless dress, with cut-out detailing.
The top half of the dress, which appeared to be woven, turned into a large puffball skirt. She completed the look with a bizarre top hat and leather fingerless gloves.
She then changed into a crushed orange dress, with wrap around knee high boots
One of Klum's less extreme outfits included a pale blue tie-dye gown and also a yellow version of it. It was followed by a short leather outfit.
Klum wasn't the only guest to arrive at the awards in a questionable ensemble.
British singer and daughter of Bob Geldof, Pixie Geldof opted for a completely contrasting look to host Klum. She c0overed up in a full-length, long-sleeved dress, which appeared to be knitted, in a range of autumnal colours.
Lana Del Rey seemed to be following a similar laid-back vibe in a cross-over black dress. The option was very safe for Lana who accompanied it with her trademark bouffant hair.
Swedish singer Loreen, who rose to fame after taking part in Swedish Idol 2004, wore a large full-bodied black skirt. She accompanied it with a black biker jacket and nothing underneath.
Reality TV star Kim Kardashian also turned a few heads in her black dress, with a bizarre frayed train.
