With this year's ceremony taking place on Sunday 10 March, here's some background info to whet your appetite.
The film industry has had another eventful year - Super Mario ruled the box office, Barbenheimer became a viral phenomenon - and the Oscar nominations were announced back in January. Here are half a dozen little known facts about the nominees, ahead of the actual Oscar awards ceremony this weekend.
Exclusive Club: The Poor Things star, Emma Stone, could become the eighth actress to win two Oscars by the age of 35, having previously won for La La Land in 2017. She would follow in the footsteps of Meryl Streep, Jodie Foster, Elizabeth Taylor, Bette Davis, Luise Rainer, Olivia de Havilland and Hilary Swank. No male actor has ever achieved the same feat.
Christmas Miracle? The Holdovers is the first Christmas film to be nominated for best picture since the original Miracle on 34th Street, in 1948. (It's A Wonderful Life was nominated a year earlier.) The film tells the story of a grumpy teacher who must stay in his boarding school over Christmas to supervise the children who aren't going home for the holidays, starring best actor nominee Paul Giamatti and best supporting actress favourite Da'Vine Joy Randolph.
Martin Scorsese: Marty was nominated for his 10th Oscar this year - making him, at 81, the oldest ever nominee for best director (for Killers of the Flower Moon) - setting a new record for a living director, overtaking Steven Spielberg. The previous record holder was John Huston, who was nominated in 1985 for Prizzi's Honor when he was 79. The oldest winner is Clint Eastwood, who was 74 when he won for Million Dollar Baby.
Longest Average Length: The average best picture-nominated film this year is 138 minutes long. Past Lives and The Zone of Interest are just 1 hour 44 minutes each, but Christopher Nolan's Oppenheimer is three hours, and Scorsese's Killers of the Flower Moon a whopping 3 hours 43 minutes.
Lily Gladstone: The 37-year-old isn't the first indigenous performer to be nominated for best actress - Whale Rider's Keisha Castle-Hughes and Roma's Yalitza Aparicio preceded her. But the Killers of the Flower Moon star is the first Native American. The actress comes from a Blackfeet Indian Reservation in northern Montana.
American Fiction: The nominations for Jeffrey Wright and Sterling K Brown mark the first time two black actors have been nominated in the lead and supporting categories for the same film. American Fiction tells the story of a frustrated black author who jokingly writes a book which plays up to racial stereotypes and tropes, only to find publishers falling over themselves to release it.