The model, 31, donned a long-sleeved Feben dress for the star-studded event, which was made of a delicate metallic fabric with two lines of ruched fabric – strategically placed each side.
Ratajkowski wore just a set of nude underwear under her dress, accessorising the look with a pair of diamond earrings and wearing her hair slicked back into a bun.
Some people weren’t a fan of the model’s look however, with one Instagram user @littlepodge, writing: “Just because you can be naked doesn’t mean you should be.”
Another, @suzannabalian, disagreed, writing: “If you’ve got it, flaunt it. She looks stunning.”
Ratajkowski was just one of several stars who embraced the sheer dress trend at the after-party, with Normal People star Daisy Edgar-Jones wearing a nude body suit under her sheer embellished Gucci gown, and Glass Onion actor Janelle Monáe allowing carefully placed beads on her custom black Area gown to cover her chest area.
Model Ashley Graham also favoured a sheer dress for the after-party, wearing a floor-length sheer red gown with only black underwear underneath.
The after-party was full of model looks, with everyone from Gigi Hadid to Kendall Jenner and Cara Delevingne in attendance.
After being praised for her stunning Elie Saab gown that she wore to the Oscars ceremony, Delevingne changed into another showstopper for the after-party, wearing a white Del Core gown from its spring/summer 2023 ready-to-wear collection.
Gigi Hadid chose a striking red number, wearing a custom off-the-shoulder Zac Posen gown, while Kendall Jenner wore a Jean Paul Gaultier dress from the designer’s 2008 collection for the event.
Elsewhere, Daisy Jones and the Six stars Riley Keough and Suki Waterhouse both opted for sequins, with Keough in a sparkling gold Celine gown, and Waterhouse in a silver Elie Saab dress.
Watch: Hugh Grant slammed for Oscars red carpet interview