Taylor Swift Wins Song of the Year, Innovator Honor at iHeart Award Show

Taylor Swift took home top honors during iHeartRadio's big award show -- and while her acceptance speeches were touching ... it was her wardrobe that really drew eyes.

The pop star won Song of the Year and the Innovator Award Monday night, and in both instances ... she delivered some powerful remarks about what it takes to stand out and succeed in the music biz -- noting that the formula of a hit song isn't cut and dry.

Of course, she was talking about her fan fave track "Anti-Hero" -- picking out certain lyrics, words like "narcissism" and "altruism," as examples that not everything has to be so catchy and cookie-cuter ... arguing that artists can be real with their art.

Her Innovator Award speech was similar ... TayTay said she'd made a lot of bad choices in her life, but those had led her to make good ones ... including some that have spurred her to activism in the LGBT community and elsewhere, which was highlighted in the lead-up.

Now, we're sorta burying the lead here ... namely, TS was rocking an interesting getup for Monday's ceremony. It was a sparkly jumpsuit that was complete with a hood over her head that kinda made her look like a hip teen stuck in their backpack hip-hop phase.

Okay, maybe the fashion isn't the lead, but she looked cool in the hood. Hell, Lenny Kravitz was impressed.