"I took part in a photo shoot that was supposed to be 'artistic' and now, seeing the photographs and reading the story, I feel so embarrassed," she told Usmagazine.com in a statement.
"I never intended for any of this to happen and I apologize to my fans who I care so deeply about," the Us Power Girl added.
Cyrus is seen with a blanket wrapped around her chest in the photo, taken by noted photographer Annie Leibovitz. (See more topless stars here.)
The picture accompanies an interview with the Hannah Montana star and her father, Billy Ray.
The scandal comes the same week as photos of a lingerie-clad Cyrus leaked online. Fox News host Bill O'Reilly called for a "conference" to discuss the images.
Vanity Fair editors were quick to respond, telling Entertainment Tonight Sunday, "Miley's parents and/or minders were on the set all day."
"Since the photo was taken digitally, they saw it on the shoot and everyone thought it was a beautiful and natural portrait of Miley," the editors said.
"In fact, when [Vanity Fair writer] Bruce Handy interviewed Miley, he asked her about the photo and she was very cheerful about it and thought it was perfectly fine," the editors added.
A Disney Channel spokesperson told ET: "Unfortunately, as the article suggests, a situation was created to deliberately manipulate a 15-year-old in order to sell magazines."
Check out Cyrus' A-list fans here.
Tell Us: Who is responsible for the photo scandal #31;– Cyrus or Vanity Fair?
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Miley Cyrus was recently photographed in a controversially photo mocking Asians, purposefully slanting her eyes. Do you think Miley was out of line?
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