The Gossip Girl star, 36, looked incredible in the plunging blue and yellow Chanel number which she wore underneath a chic blue boucle jacket.
Continuing with the blue theme, the actress wore a small sky-blue purse slung over her shoulder and added inches to her frame in a pair of dazzling pink heels.
Blake accessorised with a chunky gold necklace and styled her long blonde tresses in luxurious curls.
The Age Of Adaline star seemed in high spirits as she walked hand-in-hand with husband Ryan, 46 to meet Taylor Swift and a host of other A-list pals.
Sweet: Blake Lively put on a busty display in a colourful minidress as she grabbed dinner with husband Ryan Reynolds at Emilio's Ballato Italian restaurant in New York as they met Taylor Swift and a host of A-list pals
Stunning: The Gossip Girl star looked incredible in the plunging blue and yellow Chanel number which she wore underneath a chic blue boucle jacket
The Deadpool actor looked casual cool in a pink polo shirt which he teamed with a pair of black trousers and white trainers.
The father-of-four also rocked a neatly groomed beard.
Ever the gentleman, Ryan was pictured helping his wife get into their car following the dinner.
The A-list couple were joined by a number of famous friends at the restaurant including Taylor, Gigi Hadid, Zoe Kravitz and her boyfriend Channing Tatum, as well as model Cara Delevingne.
Taylor, 33, and Blake have a long and close friendship that spans back to 2015.
Blake and Ryan have been married for over a decade and the duo are the proud parents of four children.
In addition to their three daughters James, eight, Inez, six, and Betty, three, the Hollywood couple also have a baby whose name and sex they have yet to divulge to the public.
Before the Hollywood strikes forced production to shut down, Blake was repeatedly spotted this summer filming her upcoming picture It Ends With Us.
Stylish: Continuing with the blue theme, the actress wore a small sky-blue purse slung over her shoulder and added inches to her frame in a pair of dazzling pink heels
Loved-up: The Age Of Adaline star seemed in high spirits as she walked hand-in-hand with husband Ryan, 46
Ever the gentleman: Ryan, who has been married to Blake for over a decade and shares four children together, was pictured helping his wife get into their car following the dinner
Based on a romance novel by Colleen Hoover, It Ends With Us stars Blake as a woman named Lily who finds herself in an abusive marriage.
In the book, Lily grows up watching her father strike her mother, and though she hopes not to repeat the pattern, she winds up married to a man who hits her too.
Lily's abusive husband Ryle is played by Justin Baldoni, who is also directing the movie and who shares a writing credit on the screenplay with Christy Hall.
Meanwhile the steamy Brandon Sklenar, who once played Burt Reynolds on a miniseries, plays Lily's first love Atlas who resurfaces in her life.
The cast includes comedian Hasan Minhaj, who has been tapped to play the role of Ryle's best friend and has been seen filming with Justin.
When Blake's casting was announced, Colleen, who described the book as being 'loosely inspired by my mother,' gushed over her leading lady on Instagram.
'Blake Lively, y’all! She’s my dream Lily,' Colleen effervesced in the tearful video, which was filmed in front of the house where she was raised.
Dinner with the squad: The A-list couple were joined by a number of famous friends at the restaurant including Taylor Swift, Gigi Hadid , Zoe Kravitz and her boyfriend Channing Tatum, as well as model Cara Delevingne (pictured Gigi and Taylor)
'And then when I first met Justin Baldoni, who is directing the film for It Ends With Us, I immediately wanted him to be Ryle.
'I just thought that he had what it takes.'
She rhapsodized that 'the good news is, he’s going to be Ryle,' assuring the fans: 'I think Justin and Blake have what it takes to bring these characters to life and I cannot wait for you guys to see that happen!'
A number of fans in the comments took objection to Blake's casting and pointed out the age gap between her and Lily, who is 23 in the book.