The 'Mylo Xyloto' band beat off competition from the likes of Muse, Arcade Fire, Kasabian, Arctic Monkeys and U2 to take the coveted honour at this year's Q Awards - held at London's Grosvenor House hotel this afternoon (24.10.11) - which frontman Chris Martin compared to the Olympics.
He told BANG Showbiz: "It's exciting being nominated for a Q award. They're like our equivalent of the Olympics."
However, Coldplay missed out on both the Best Live Act accolade, which was presented to Biffy Clyro, and a special award to mark the 25th anniversary of the magazine, Greatest Act of the Last 25 Years, which was awarded to Irish rockers U2.
Other big winners at the ceremony, hosted by Al Murray, included Noel Gallagher, who was honoured with the Q Icon award, Take That frontman Gary Barlow, who was given the Classic Songwriter prize, and Siouxie Soux who was feted for her Outstanding Contribution to music.
Adele - who was not at the ceremony - received two awards, Best Track for 'Rolling in the Deep' and Best Female Artist, with Tinie Tempah picking up the prize for Best Male Artist.
WU LYF were named Best New Act with Lana Del Rey tipped as Next Big Thing while Ed Sheeran joked he would keep his Breakthrough Artist award on his manager's mantelpiece.
He said: "I'm keeping the award on my manager's mantelpiece. I still live on his sofa."
Meanwhile Fatboy Slim - aka Norman Cook - revealed he was thrilled to receive the Q Inspiration award because he doesn't consider himself inspiring.
He said: "It's nice being an inspiration, I'm used to being inspired by others so I don't always think of myself as an inspiration."
Coldplay will be playing The O2 Arena on 9 December 2011, click here to book tickets.
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