Monday night marked one of the fashion industry's biggest events of the year: the Met Gala.

The Met Gala, also known as the Met Ball or in this year's case the Cinco De Mayo Ball, is a fundraising gala that is held each year for the benefit of the Metropolitan Museum of Art's Costume Institute.

During the big night, the who's who in arts, fashion and entertainment all gather in attendance to celebrate the institute's annual fashion exhibit.

This year's fashion dress code coincided with the Gala's fashion exhibit, "Charles James: Beyond Fashion."

Charles James is a British-born fashion designer known for his elaborate and highly structured couture gowns. He is known as "America's First Couturier."

Did the Gala's attendees live up to James' fabulous haute couture? Well some did and some ... Well let's just say they missed the mark.

Check out our selection for the top 4 best and worst dressed at the Met Gala 2014.

Best Dressed:

Beyonce Knowles and Jay-Z: This musical power couple sure knows how to make a statement. The duo both sported Givenchy fashion. Jay-Z wore a clean, tailored white suit jacket with a white button down, black slacks and black bow tie to match. Beyonce wore a sexy, sheer low plunging black gown with beaded embellishment, topped off with a classic black veil.

Gisele Bundchen: The former Victoria Secret Model opted for a black gown as well. She wore a low plunging Balenciaga gown with elaborate design that was nicely fitted at the bust to accentuate her assets and flared a bit at the bottom.

Rihanna: This might just be the most clothing we've seen on Rihanna in a long time. The singer sported a two-piece all white Stella McCartney gown that accentuated her famous curves and added just the right amount of sexy to the very classy event.

Blake Lively and Ryan Reynolds: Absolutely stunning. The already good-looking couple turned heads even more when they stepped out on the Met Gala red carpet both wearing Gucci. Ryan Reynolds wore a blue velvet suit while Blake wore a shimmering blush colored gown with a floor-length cape. The gown showed off her hourglass figure in all of its perfection.

Worst Dressed:

Lena Dunham: One word. Stop. The 'Girls' writer and actress wore an ill-fitting Giambattista Valli Haute Couture high-low dress with pink and blue embellishment. Aside from the not-so visually pleasing design, the dress was not tailored to Dunham's body and gave her no shape. Not to mention...her awkward pose in the dress did not help. Try again, Lena.

Lupita Nyong'o: It was quite a disappointment to see what Lupita brought to the red carpet at this year's Met Gala. The usually fashion forward actress took about 10 steps back when she opted for a green feathery Prada see through chain-like dress (we're trying to come up with the best description possible here). It was visually awkward to take in, and with such a gorgeous frame, we were hoping that Lupita would go for a more elegant dress.

Solange Knowles: It seems that Beyonce and Solange did not get ready at the same venue being that Beyonce came dressed to impress while Solange came dressed to go to an 80s prom. The light orange dress had way too much poofy fabric at the bottom and appeared saclike on the singer's small frame. Solange's strangely cut pixie hairstyle did not help either. Next time, ask your sister for help Solange.

Kristen Stewart: Kristin Stewart's Chanel dress was just all over the place to say the least. From the feathers to the tulle to the sequins...we're not sure what look she was going for. Here's a word of advice for next time, Kristen: Less is more.

What were some of your best and worst dressed of the night? Share your comments with us below.