The "Dark House" singer looks stunning in the mag's March 2015 issue, showing off her toned tummy in a Giambattista Valli crop top and matching skirt.
In the accompanying cover story, the sexy songstress opens up about some of her fellow pop stars, including alleged rival, Taylor Swift.
"You've got to name someone the villain, someone the princess, someone the mom-, the dad-type—you know there always have to be characters," she says, when asked what roles her fellow singers would play if they were cast in a soap opera.
"As pop figures, we're all characters. And the media uses that. Who is the sweetheart, who is the villain? You know," she adds. "Taylor's the sweetheart. Kanye [West]'s the villain. That's the narrative."
The brunette bombshell also makes a reference to Britney Spears' infamous melt-down when talking about the challenges that up-and-coming pop stars are facing now.
"It is a hundred times harder a dream than the dream that I dreamt when I was nine," she admits. "You think you signed up for one thing, but you automatically sign up for a hundred others. And that is why you see people shaving their f**king heads."
Perry also couldn't help but to gush about Beyonce and Adele.
"Oh my God. I'm such a big Beyonce fan," she reveals. "Adele is so real and couldn't care less about the trappings of fame. She came to a show at the Hammersmith Apollo in England and stole my after-show burrito. She's like [heavy British accent], 'How the f**k did you get a burrito in England?'"
Katy doesn't hold back in this interview -- check out the full story in Elle when it hits newsstands, February 17.