The ad, which features a host of celebrities, finishes with Life on Mars actor Philip Glenister claiming that Christmas would not be the same without "that girl prancing around in her underwear".
It then cuts to a shot of scantily-clad model Noemie Lenoir posing in Marks & Spencer lingerie.
A spokesman for the ASA said: "As we do with all complaints, we will consider whether an investigation is necessary."
The £10 million ad campaign broke last week, and also features Stephen Fry, Twiggy, Joanna Lumley and Jennifer Saunders.
Other High Street
M&S Christmas ad receives sexism complaints
LONDON - The advertising watchdog has received eight complaints of sexism relating to RKCR/Y&R's Christmas TV spot for Marks & Spencer.
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