The actress models a Michael Kors mint-green cashmere slashed top and white bikini bottoms paired with a Chanel watch for the cover.
In the sizzling 10-page feature, shot by famed photographer Mario Testino on Moonlight Beach, near La Jolla, Calif., Lively makes a splash in high-fashion summer styles, which include a white-leather Versace dress, an Eres string bikini, and a Gucci ribbed shrunken jacket and shorts.
Lively, 22, credits her incredibly sleek physique to her intense new role as supervillain Star Sapphire in the upcoming "Green Lantern" movie, which is currently filming in New Orleans.
"Our director likes it real -- the fights close and dirty," she tells Vogue, adding that the aerial stunts have been filmed in a contraption created for "The Matrix."
"I'm 40 feet in the air, spiraling around. That's the best workout you can ever do because it's all core," she says. "You do that for ten minutes and you should see your body the next day!"
As part of her magazine profile, the actress joins Vogue writer/European editor at large Hamish Bowles for a surf lesson with wave-riding legend Rob Machado. She arrives for their adventure barefoot and casual -- a far cry from her couture-loving TV character.
"My New York guise is gone," she explains. "Ostrich flats don't really work on the beach!"
In related news, see the bikini-clad beauties fronting Glamour's June issue.