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The 15-year-old Hannah Montana star expressed her "embarrassment" over the picture, saying: "I never intended for any of this to happen and I apologise to my fans who I care so deeply about."
The star's Disney Channel bosses accused Vanity Fair of manipulating the actress "in order to sell magazines".
Renowned photographer Leibovitz has released a statement hitting back at the criticism.
She said: "I'm sorry that my portrait of Miley has been misinterpreted.
"Miley and I looked at fashion photographs together and we discussed the picture in that context before we shot it. The photograph is a simple, classic portrait, shot with very little makeup, and I think it is very beautiful."
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