The Mortal Instruments: City of Bones star will make her debut for the brand as the face of its spring make-up collection 'French Ballerine' in January 2014.
Collins said of the news: "It's an absolute honor and privilege to have been chosen to represent the Maison Lancôme. I have always admired the brand's unique and distinctive appreciation for inner beauty and grace, elegance and utter radiance.
"I feel incredibly lucky to be included among the most inspirational women ambassadresses for one of the most prestigious brands in the world. It's truly a dream come true."
The 24-year-old actress can next be seen on screen in 2014 in Love, Rosie, a romantic comedy adapted from a Cecelia Ahern novel.