The HGTV stars, who made the magazine's list of the most influential people of 2019, got glammed up for the occasion on Tuesday night.
Joanna, 41, stunned in a navy blue strapless dress, pairing her look with a simple bangle, while Chip, 44, kept it classic in a black tux.
"Woke up this morning feeling like it was all a dream. Thank you @time for including us in the #time100. What an honor to be in the room last night," the "Fixer Upper" star captioned a series of photographs from the evening on Instagram.
In the first pic, the design power couple kept close as they smiled for the camera. The other pictures include candid moments of the pair posing with celebrities like Julianne Moore and Taylor Swift.
The mom of five also shared a few inside snaps, which featured Swift playing the piano, Dwayne "The Rock" Johnson giving a speech and a sneak peek at the venue.
Earlier this month, Discovery, Inc. and Magnolia – the Gaines' lifestyle and home empire – announced that the duo's new cable network will replace Discovery's DIY Network and is set to be unveiled in the summer of 2020.