Here's Kylie Jenner looking like a million bucks at the Victoria's Secret Fashion Show ... stunning in a $50 million diamond bra.

VS brought back its infamous "Fantasy Bra" for Sunday's show, and the brand tapped Kylie to wear the custom diamond push-up ... a $50M creation from Jacob & Co. with 91 white diamonds and a 75-carat yellow diamond in the center.

Kylie had even more bling on her wrist as she walked the runway in her Victoria's Secret Fashion Show debut ... with boyfriend Timothée Chalamet and momager Kris Jenner cheering her on from the crowd.

Video shows Kylie coming up to Kris backstage and giving her mom a big hug ... with Kris glancing down at Kylie's $50M brassiere as she comes in for the sweet embrace. A top like that is hard to ignore.

Kylie stole the show as Victoria's Secret brought back the "Fantasy Bra" stunt for the first time since 2018 ... but she wasn't the only celeb who mixed in with the Victoria's Secret angels to model some sexy lingerie.

Tate McRae and Megan Thee Stallion performed ... and we saw the best from Gigi Hadid and Bella Hadid -- this is their Super Bowl.