Boho and boyfriend jeans? We'll take it.
Penelope attends a premiere, donning a slinky black dress and sporting blonde highlights.
We're seeing a trend here - here's another slinky dress, but this time, in red!
Penelope tries on a jumpsuit for size at the "All the Pretty Horses". Frankly, she looks good in just about anything.
Penelope must have loved the belted look, because here she is again at the premiere of "Blow".
At a cocktail reception, Penelope uses a leather motorcycle jacket to toughen up a ruffled white dress.
We're loving Penelope's nod to her Spanish roots with a flamenco-inspired red dress. Ay carumba!
This golden yellow Oscars look is a classic.
At Cannes, Penelope rocks her signature style - a deep v neckline!
Again at Cannes for the premiere of "Volver", Penelope looks incredible in this ruffled number. What a stunner!
Penelope is gorgeous in classic red.
We couldn't be more obsessed with the textured ruching on this eggplant purple dress.
Penelope is a vision in white.
A lace look is always pretty, and it seems here that Penelope was way ahead of the trend.
Patterns don't always work on the red carpet, but Penelope nailed it here in black and white.
This pink feathered gown Penelope wore to the Oscars is simply gorgeous - there's not much else we can say!
We think Penelope may be a big fan of feathers, and if ever look is as fab as this one, we think we're okay with it.
That bejeweled t-back strap makes Penelope's red carpet look at Cannes.
Simple navy is made so much cooler with ruched detailing.
We always knew we were fans of black and navy, especially when used in a simple style like this one.
A figure-hugging black gown does wonders for Penelope at the SAG Awards.
We're pretty sure only someone as hot as Penelope could make a bright red suit with trousers look amazing at a formal event.
Sporting a rare short hemline at the premiere of "Broken Embrace" at the Toronto International Film Festival, Penelope shows off some seriously toned and tanned legs.
Even when wielding a giant golf umbrella, Penelope is the picture of sophistication at the Oscars.
This sparkly Oscars look is positively red hot, even without Javier Bardem. He totally helps though.
We could stare at the embellishments on this ethereal gown for days.
Penelope breaks out the pantsuit again, looking super-chic this time in all black.
Cindarella isn't the only girl who looks good in blue. Penelope rocks the hue at the 2012 Oscars.
A blush nude tone only highlights how bronzed Penelope's legs are. Can someone pass the self-tanner, please?
Penelope looks positively sexy rocking that high-slit.
We love this vibrant shade of blue.
This look is a little more high-fashion than Penelope's usual go-tos. Could this be a hint of where her red carpet style is headed? We'll just have to wait and see!