Shah Rukh, attired in black trousers, shirt and light brown coat, received the award at the Andheri Sports Complex.
"I am honoured to receive the award," said Shah Rukh, waving to enthusiastic crowds.
The glittering evening hosted by MTV VJs Sagarika, Cyrus Broacha and Cyrus Sahukar saw the Most Stylish Film Award going to "Dhoom 2".
The same movie gave Aishwarya and Hrithik Roshan the Most Stylish Female and Male awards respectively. The pair also bagged the viewers' choice Most Stylish Couple (on-screen) award.
Hrithik also walked away with the Most Stylish Body and New Look awards.
Choreographed by Shiamak Davar, "Crazy kiya re..." from "Dhoom 2" was named Most Stylish Song of the year.
The return of actor turned parliamentarian, Govinda, to filmdom gave him the Most Stylish Comeback award.
While Atif Aslam got the Most Stylish Person in Music Award, Anita Adajania Shroff received the Most Stylish Bollywood Designer award.
The awardees were selected by a panel of judges that included Farah Khan, Neha Dhupia, Raghavendra Rathore, Ramona Narang, Sheetal Malhar, Rohit Bal, Prahlad Kakkar, Manoviraj Khosla, Ambika Pillai, Narendra Kumar Ahmed and Mickey Contractor.
The high- voltage event was marked by electric performances by Shreyas Talpade and Atif Aslam.