Melissa McCarthy read out the wrong speech at the Time 100 Gala, but her recovery was epic.

One of our favourite funny ladies Melissa McCarthy, was given the honour of making at toast at the Time 100 Gala in New York. Unfortunately, she got a bit confused and read out the wrong speech.

McCarthy opened her speech by thanking Time for making her a 2016 honouree and acknowledged the room full of “remarkable” people who are “obviously known for their superior athletic ability and physical prowess.”

Several people smirked around her and McCarthy quickly apologised for reading the speech she was meant to read when she hosts the upcoming Espy Awards, which celebrate athletic excellence.

After shuffling her papers and regaining composure, McCarthy continued her speech. She began by acknowledging a fellow Time 100 honouree Dr Kathy Niakan.

“I have to admit I got pretty excited about meeting Dr Kathy Niakan [because] she really discovered the human gnome,” McCarthy said. “Girl, we are thinking the same thing because I have always loved a garden nome and every time I walk away I think, when we’re not looking do they come to life?”

Someone was quick to correct McCarthy and remind her that Niakan is actually mapping the human genome.

"Oh, that is different," McCarthy said, not missing a beat. "I was doing a quick read...ooo boy!"

Of course, McCarthy's fumbling was all scripted and planned. This master comedian never drops character once she's on a roll.

The speech then took a serious turn when she thanked all honourees for their "anarchy."

"Someway along the road so many people in this room were told you can't do that," McCarthy said, getting a bit emotional. "And in one way or another everybody in this room simply forged a head."

"Thinking outside of the box like that will change the world and it doesn't matter how small or how big."

"I just think it's all so fantastic and none have you have picked the easy way."

"From me and all the human gnomes, that I do know exist...I just want to say thank you."

And thank you Ms McCarthy, for making us laugh.

The Time 100 Gala is an annual event that celebrates the 100 people honoured in Time magazine's yearly list of most influential people.

Watch the hilarious and inspiring speech in full here: