The 'Elevation' rockers were honoured after completing the highest grossing tour of all time this summer and performing a headline set at Glastonbury – their first festival performance as a band for 25 years.
Since completing their '360 Degrees Tour' frontman Bono says he has been relaxing in his native Ireland.
He told The Sun newspaper: "I've been in Dublin for the last week or so. I was in France but came home for a while.
"I rang some pals and asked what they thought I should do to keep busy. One said, 'Just walk the dog.' So I took the dog out with my wife. It's a mongrel and a really strong animal.
Visit Bono's profile for more U2 stories, photos and his bio
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"It dragged us through the streets and some little kid shouted, 'Is that dog walking you, or are you walking the dog, Bono?'I knew I was home. You can't beat it."
Other winners at the ceremony – which was held at the Royal Opera House in London – included 'The Hangover Part II' actor Bradley Cooper, who was named International Man of the Year, and Benedict Cumberbatch, who took home the Actor of the Year prize.
Rapper Tinie Tempah headed over to the awards after losing out on the Barclaycard Mercury Music Prize earlier in the night, and scooped the Solo Artist of the Year trophy.
Pop legends Duran Duran were given the Lifetime Achievement prize, while Rolling Stones rocker Keith Richards was named Writer of the Year for his memoir 'Life'.
Supermodel Lara Stone was the only female to pick a statuette, taking home the Woman of the Year accolade.
The ceremony and subsequent party was attended by a galaxy of stars including Kylie Minogue, Daisy Lowe, Kelly Brook, Pixie Lott, John Legend and Hugh Laurie.
GQ Men of the Year 2011, full list of winners:
International Man of the Year – Bradley Cooper
Lifetime Achievement – Duran Duran
Woman of the Year – Lara Stone
Band of the Year – U2
Sportsman of the Year – Rory McIlroy
Politician of the Year – George Osborne
Designer of the Year – Tommy Hilfiger
Actor of the Year – Benedict Cumberbatch
Solo Artist of the Year – Tinie Tempah
Musician of the Year – Hugh Laurie
Writer of the Year – Keith Richards
TV Personality of the Year – Professor Brian Cox
Comedian of the Year – Rob Brydon
Chef of the Year – Heston Blumenthal
Editor's Special – Bill Nighy
Tanqueray Most Stylish Man – Matt Smith
Help for Heroes – The Armed Forces
Inspiration – Mario Testino
Surprise Award: Man of Next Year – Lord Sebastian Coe