And with that, Azalea thanked GQ and the (shocked) crowd and walked off stage.
MC Hamish MacDonald wasn't quite sure what to say when he returned to the microphone after the speech but Mad Men star Jon Hamm took great delight in referencing Azalea's comments later in the night.
The Hollywood star, who was named International Man of the Decade at the GQ Men of the Year Awards, joked during his acceptance speech: "This is amazing for me. I got the best vagina in the world.
"How do you say no to that?" he said.
"I guess the short answer is you don't. You just say, 'Yes, this vagina is phenomenal.'"
Other big name stars in attendance at the 10th anniversary GQ Men of the Year Awards in association with Chivas were: Scott Eastwood, Chris Evans, Rose Byrne, Jai Courtney and Richard Roxburgh.
GQ Men of the Year Awards
Man of the Year: Chris Hemsworth
International Man of the Decade: Jon Hamm
Woman of the Year: Iggy Azalea
Actor of the Year: Joel Edgerton
Man of Style: Justin O'Shea
Acting Legend: Richard Roxburgh
Entrepreneurs of the Year: Atlassian
Chef of the Year: Shannon Bennett
Iconic Artist: Ken Done
Agenda Setter of the Year: Stan Grant
Comedian of the Year: Joel Creasey
Breakthrough Solo Artist of the Year: Harts
Man of Chivalry: Peter Greste
Sportsman of the Year: Dylan Alcott
Ensemble of the Year: Hacksaw Ridge cast
International Menswear Designer of the Year: Kim Jones
Team of the Year: Western Bulldogs
Breakthrough Sportsman of the Year: Kyle Chalmers
Breakthrough Actor: Keiynan Lonsdale