The Warrior star, who is currently filming The Great Gatsby in his home country, said that he was very "happy" to be honoured with the award over actors such as Alex O'Loughlin.
On the red carpet at the celebrity-studded event, Edgerton told The Daily Telegraph that he was enjoying filming alongside the "impressive cast" of The Great Gatsby, adding: "They're all very well suited to the parts they're playing."
Hawaii Five-0 star O'Loughlin joked: "Joel's a very stylish guy so it makes sense [that he won] - he's working his Great Gatsby moustache at the moment so I'm sure that helps. I'm just really happy to be back. I don't get home that often." He also revealed that he is "in a relationship with a beautiful Hawaiian girl called Melea".
Charlie's Angels actress Rachael Taylor, whose ex-boyfriend Matthew Newton gave a tell-all interview about his assault on her to A Current Affair earlier this week, collected her 'Woman of the Year' award in person.
On stage, she said: "I am a huge supporter of good men. Men that know not only how to honour a woman but know how to applaud a woman and celebrate her and I think that is the very gesture that GQ magazine are doing tonight and I am so humbled and thrilled. Truly, this is not lost on me at all."
Packed to the Rafters actor Hugh Sheridan was given the GQ Style Award, while US comic Jason Gann won 'Comic of the Year'.
Celebrity chef Manu Feildel, writer Tara Moss and models Megan Gale and Jodhi Meares also attended the event.
Watch The Daily Telegraph's red carpet coverage of the GQ Awards below: