The 41-year-old actor's fiancee, 25-year-old Paulina Slagter, debuted her impressive engagement ring on New Year's Eve, when the couple attended the Five Star New Year's Eve event on Watson Island in Miami.
Check out the attractive pair wearing matching grey ensembles, with Slagter notably donning a new sparkler on THAT finger.
A source tells ET that Phillppe commented that he picked the ring as it was "a perfect representation of Paulina's personality," and Slagter gushed that it all came as "a huge surprise."
The couple also enjoyed quite the romantic night. The two shared a sweet kiss at midnight, the source adds, as fireworks went off in the sky.
A source previously told ET that Phillippe popped the question on Christmas, and that they then celebrated their engagement at Seaspice restaurant in Miami. The two have been dating since 2011.
Back in April, Phillippe gushed over Slagter during a sit-down with Howard Stern.
"She's awesome. When people see her they have these judgments because she could be a model, but she's about to graduate Stanford Law," the father-of-three said. "Also what's great about it -- as you get older certain issues become more important to you. I'm very involved in civil rights issues, and so to be with a woman who could actually make an impact in the legal realm -- that's a beautiful thing."