The 24-year-old star follows in the footsteps of fellow British actress Emma Watson and Kate Winslet as the latest representative of the luxury cosmetics brand, reported Contactmusic.
The brunette model, the daughter of musician Phil Collins, has branched out into acting in recent years, landing the lead in fantasy franchise 'The Mortal Instruments'.
Francoise Lehmann, general manager of Lancome International, said, "With her charm, gracefulness, modernity and lively wit, Lily Collins is the perfect embodiment of femininity according to Lancome. And with her modelling experience (her career in front of the camera started when she was two) Collins is also a perfectly confident beauty muse for her tender age."
"It's an absolute honour and privilege to have been chosen to represent the Maison Lancome. I feel incredibly lucky to be included among the most inspirational women ambassadresses for one of the most prestigious brands in the world. It's truly a dream come true," she said.
The actress will feature in the January 2014 ads for the brand's Spring make-up collection, French Ballerine.