The actress poses topless except for a cut-out Burberry crochet open top, sporting a new short haircut.
Elsewhere she appears as a ballerina in a Gucci gown and mounted on a wall in Dior.
The photographs were taken by British fashion photographer Tim Walker.
Former Esquire cover star Watson talks about her complicated relationship with fame since being the child star of Harry Potter and her latest role in the live-action remake of Beauty and the Beast, in which she says she "made that transition into being a woman on-screen."
The feminist activist says her character Belle is "absolutely a Disney princess, but she's not a passive character—she's in charge of her own destiny."
On success she adds: "I couldn't care less if I won an Oscar or not if the movie didn't say something that I felt was important for people to hear."