The British actor, 33, wore a bright red custom Atelier Versace gown to the event where she was nominated for Best Actress in a Miniseries for her role as Pamela Anderson in the Hulu series, Pam & Tommy.
The strapless gown, which featured a cut-out waist and drapings of fabric on the skirt, has been praised by fans on social media for being the look of the night.
“Lily James wins Best Dressed. Everybody else can go home now,” wrote Twitter user @raventbrunner.
“Okay this is my favourite dress by far. Lily James doesn’t miss,” @rachnorthcutt added.
Others said that James was in her “red era” referencing the Taylor Swift album named after the hue.
The Mamma Mia! Here We Go Again star also debuted a chic new bob for the awards, which her hairstylist, Halley Brisker, said was inspired by “1990s bombshells”.
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“Bombshell 90's silhouette with the help of @greatlengthsusa GL tapes 02 for the added volume in the front to really max out that flick!” Brisker captioned a close-up image of James on Instagram.
James’ beauty look was courtesy of makeup artist Nina Park who used Charlotte Tilbury products on the star.
“Darlings, my Beauty and Skincare Muse, the STUNNING and TALENTED @lilyjamesofficial looks absolutely flawless at tonight’s @GoldenGlobes, nominated for her role in #PamAndTommy!” Tilbury captioned an image of James on her Instagram page.
James wasn’t the only star praised for her Golden Globes look. House of the Dragon star Emma D’Arcy’s look was hailed as “stunning” by fans, as D’Arcy explained the look they were going for was “child piano prodigy”.
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Watch: Stars Walk the 2023 Golden Globes Red Carpet