Oldman has been nominated for his role of the poker-faced George Smiley in the critical success Tinker Tailor Soldier Spy.
He will be hoping to make it a double for British actors, following his Tinker Tailor co-star Colin Firth's victory last year in The King's Speech.
Oldman responded to news of his nomination:
"This afternoon in Berlin I have learned that I was nominated for an Academy Award in the category of Best Actor. You may have heard this before, but it has never been truer than it is for me today, it is extremely humbling, gratifying, and delightful to have your work recognized by the Academy, and to join the celebrated ranks of previous nominees and colleagues. Amazing."
Oldman's turn in the big-screen adaptation of John Le Carre's popular novel has already earned him a BAFTA nomination.
It is the first Academy Award for Oldman, who will be back on our screens later this year, in the final of Christopher Nolan's Batman trilogy. He was nominated in the Best Actor category at the British Independent Film Awards, but lost out to Michael Fassbender.
Daniel Radcliffe, in announcing the nominations last week, admitted that Oldman was his favourite to win, after the British actor was overlooked by the Golden Globes, and failed to get a nomination.
Meanwhile, Kenneth Branagh's Oscar nod comes after his BAFTA and Golden Globe nominations for his portrayal of Laurence Olivier in My Week With Marilyn. This tells the story of the creen icon's arrival in Britain to film The Prince and the Showgirl and of the fraught relationship between the American actress and the British stage star. Michelle Williams won a Globe last week for her role as Monroe and is Oscar-nominated for the same role.
Branagh, who has been at work behind the camera to in recent years, with Frankenstein and Thor under his belt, has revealed that a BAFTA nomination means the most to him, but no doubt he'll be happy to receive this news too.
SLIDESHOW: The Oscar nominees in pictures...