media_removed_toofab 2013

The World's Most Beautiful Woman is showing off that beautiful bod!

The same day People magazine gave her the aforementioned title, Gwyneth Paltrow hit the red carpet for the premiere of "Iron Man 3" last night in Hollywood -- and she wasn't wearing underwear.

The 40-year-old actress was wearing a white and green Antonio Berardi dress that was sheer on the sides, exposing the star's legs, hips and almost a 'lil bit more.

It was definitely a risque look for her ... what do you think of it?

Paltrow was joined on the red carpet by costars Robert Downey Jr., Don Cheadle, Guy Pearce, Sir Ben Kingsley, Rebecca Hall and Jon Favreau.

The premiere was also packed with other Marvel movie stars, including Jaimie Alexander and Kat Dennings ("Thor"), Emily VanCamp ("Captain America: The Winter Soldier") and Cobie Smulders ("The Avengers").

Check out all the arrival photos above! "Iron Man 3" opens May 3.