But – as always – there are those who miss out, and this year there's one major talent who many think should have been recognised: Bradley Cooper.
Although the star was nominated for Best Actor in a Leading role for his portrayal of troubled musician Jack Maine in A Star Is Born, he wasn’t shortlisted for Best Director.
Even though the film is up for a total of eight awards – including Best Picture and Best Actress in a Leading Role for Lady Gaga – many, including Rob Lowe, think Cooper’s talents as Director should have been acknowledged.
And some are comparing the snub to when Ben Affleck was not nominated for directing Argo, which won Best Picture at the 2013 awards.
However, Cooper wasn’t the only surprising omission from the Best Director category, with many predicting Peter Farrelly would be given a nod for his work on comedy drama Green Book, and Ryan Coogler also missing out despite his film – Black Panther – earning an historic Best Picture nomination.
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Plus, with Josie Rourke (who helmed Mary Queen of Scots) and Marielle Heller (A Beautiful Day in the Neighborhood) missing out on nominations, the Best Director category is an all-male line-up.
Rourke's two female leads, Saoirse Ronan and Margot Robbie, both missed out in the acting categories – despite Robbie winning a nod ahead of February's Bafta ceremony.
Other unexpected names who failed to make the shortlist despite strong predictions include Timothée Chalamet (tipped to pick up a Best Supporting Actor nod for his role in Beautiful Boy), Toni Collette (Best Actress, Hereditary) and Claire Foy (Best Supporting Actress, First Man).
And – much to the disappointment of fans – Ethan Hawke was also snubbed from the Best Actor category for his role in First Reformed.
The Oscars will take place on Sunday 24th February at the Dolby Theatre in Hollywood, Los Angeles