The company announced the news on Tuesday via Instagram, attaching a photo of Lively wearing a white dress, reported Aceshowbiz.
The 26-year-old was all smiles as she appeared in front of audience at the presentation. She later shared a kiss on the cheek with L'Oreal boss Cyril Chapuy.
Actor Ryan Reynolds' wife will be the company's model for make-up, colouring, and hair care, joining L'Oreal's previous ambassadors such as Jennifer Lopez and Beyonce Knowles.
Earlier this month, Deadline reported that the production of "The Age of Adaline", starring Lively Blake and Ellen Burstyn, was set to start in March.
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