The "Mortal Instruments" star, who has previously chopped her long locks into a lob and then a bob, debuted her new pixie cut at Vanity Fair's Post-Oscars bash on Sunday night in Los Angeles.
The actress took to Instagram to share a pic of her freshly-cut tresses, writing, "Step and... Repeat. @tricky44 and I on our last hurrah. Yes... I chopped it! #shortandlovingit."
The 25-year-old beauty paired her pretty pixie with a revealing Zuhair Murad Couture wrap gown, which featured a plunging neckline and sheer sleeves and skirt. She opted for neutral makeup, keeping the focus on her short 'do and signature bold brows.
The young starlet recently revealed her makeup mantra. "The less you have on your face, the less there is to go wrong," she told Glamour last year. "I'm not a fan of shading on eyes if I have a dark lip, because my eyebrows are dark and my looks look closed in."
"If you are shading the eyes, a nude lip. I balance it out, or it looks like you're wearing too much makeup," she added.
We think Lily had one of the most gorgeous beauty looks of the night -- see all the stars at the Oscar after-parties in the gallery at the top!