And it's certainly seen its fair share of memorable moments over its 86 year history.
From Gwyneth Paltrow's attempts to make the most over-the-top awards speech in 1998, to Angelina Jolie and THAT leg pose in 2012, they're all here in our gallery as we delve into the Oscar history books.
Gwyneth Paltrow gave one of the most blubbering, drawn-out speeches in memory when accepting the award for Best Actress for Shakespeare in Love in 1998.
Adrien Brody was so excited to accept the Best Actor Oscar for his performance in 'The Pianist' that he grabbed Halle Berry and made out with her.
Angelina Jolie celebrated her Best Supporting Actress award for her performance in 'Girl, Interrupted' by making out with her brother, James Haven and declaring she was "so in love" with him.
Bjork's swan dress in 2001 was one of the more memorable fashion moments in Oscar (and recent) history.
Martin Scorsese finally won the Best Director Oscar in 2007 for 'The Departed' after being shut out six times. "Could you double-check the envelope?" he quipped.
A nude streaker, later identified as as Robert Opal, stole the show as David Niven introduced Best Picture presenter Elizabeth Taylor in 1974. Niven commented that the man wasn't afraid to reveal his "shortcomings."
Kareem Abdul-Jabbar and Jackie Chan poked fun at their height difference when they shared the podium to present an award in 1996.
Halle Berry gave a teary, breathless speech when she won the Best Actress Oscar in 2002 for her performance in 'Monster's Ball.' She was the first African-American to receive the award.
In 1996, the year after a horseback riding accident left him paralyzed, Christopher Reeve appeared at the Oscars urging Hollywood to produce more movies about social issues.
"You like me. Right now, you like me," Sally Field blubbered when she won Best Actress in 1995 for her performance in 'Places in the Heart.'
David Letterman's disastrous hosting gig in 1995 included repeatedly introducing Uma Thurman and Oprah Winfrey to each other (“Uma… Oprah… Oprah… Uma"). He has not been invited back.
Angelina Jolie's stray right leg was the star of the show at the 2012 ceremony and has been parodied ever since.
After 40 years in Hollywood, Jack Palance finally got a best supporting actor Oscar in 1992 for his performance in 'City Slickers.' He reacted by saying “I crap bigger than him” in reference to host Billy Crystal then dropped to the floor for several one-armed push-ups.
'Life is Beautiful' director Roberto Benigni was so excited about his best foreign language film win in 1999 that he couldn't keep his feet on the ground.
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