2.45pm - The reaction to Leonardo DiCaprio's win continues to pour in, with many Twitter users creating memes celebrating his victory based on scenes from some of his previous films, including The Great Gatsby and The Wolf of Wall Street.
Buzzfeed also posted a photo of DiCaprio's Titanic co-star and close friend Kate Winslet, who was visibly in tears as she watched him accept his award.
Meanwhile, some netizens also "mourned" the "death" of various memes that had poked fun at DiCaprio's previous lack of success at the annual awards gala.
1.15pm - The Internet is a happy place right now, after the announcement of Leonardo DiCaprio's victory. Comedian Ellen Degeneres tweeted: "He did it! He really did it!", while BBC described the win as "long overdue".
Congratulations, Spotlight! Thank you for daring to shine a light on sex abuse and bringing so much awareness to it. #Oscars— Ellen DeGeneres (@TheEllenShow) February 29, 2016
1.00pm - Who will walk away with the biggest prize of the evening? Actor Morgan Freeman announces that the Oscar for Best Picture goes to Spotlight, the biographical film about the Boston Globe team that uncovered the child sex abuse scandal by Catholic priests in Boston.
12.58pm - DiCaprio uses his speech to urge for more action against climate change. "Climate change is real, it is happening right now, and it is the most urgent threat facing our entire species."
12.55pm - Finally! After four previous nominations, Leonardo DiCaprio has finally won an Oscar for Best Actor for his performance in The Revenant.
12.48pm - Brie Larson wins the Oscar for Best Actress for her role in the kidnapping drama Room. It was her first ever nomination.
12.38pm - Alejandro Gonzalez Inarritu wins the Oscar for Best Director for the second year in a row. He picks up the award for The Revenant, after winning last year for Birdman.
12.28pm - The Oscar for Best Original Song goes to "Writing on the Wall" by English singer-songwriter Sam Smith and Jimmy Napes. In his acceptance speech, Smith dedicated his award to the LGBT community.
12.25pm - Legendary film composer Ennio Morricone gets a standing ovation as he wins his first ever Oscar for Best Original Score in the Quentin Tarantino film, The Hateful Eight.
12.15pm - Arnold Schwarzenegger has consoled fellow action icon Sylvester Stallone over his loss in the Best Supporting Actor category. "To me, you're the best," he tweeted.
12.10pm - A standing ovation as US Vice President Joe Biden appears on stage. "I'm the least qualified person here," he quips, before introducing Lady Gaga for a performance.
12.08pm - Hungarian World War II film, Son of Saul, wins the Oscar for Best Foreign Language Film.
12.05pm - The Oscar for Best Live Action Short Film goes to Stutterer.
The Oscar for Live Action Short Film goes to… pic.twitter.com/1WnaDHw86v— The Academy (@TheAcademy) February 29, 2016
12.00pm - Website Mashable is closely monitoring Leonardo DiCaprio's expressions as he 'eagerly' awaits his turn on stage. DiCaprio is the favourite in the Best Actor category.
11.55am - ICYMI: Stars dazzled in luxurious gowns, glittering sequins and daring necklines as they strutted and twirled their way at the Oscars red carpet.
Read all about it here.
11.44am - The Best Documentary Feature Oscar goes to Amy (by Asif Kapadia and James Gay-Rees), about the life of late singer Amy Winehouse.
11.40am - Comedian Louis CK jokes that the winner of the Best Documentary Short award is Mad Max (winner of six Oscars tonight), before announcing the actual winner: A Girl in the River: The Price of Forgiveness
11.31am - And the Oscar for Best Supporting Actor goes to: Mark Rylance for his role in Bridge of Spies. No Oscar for "Rocky Balboa" Sylvester Stallone.
11.25am - Unglam moment alert. What is Sylvester Stallone doing?
11.12am - ICYMI: The celebs all looked glamorous in their suits and dresses, but the Internet collectively melted at the reunion between Titanic stars Leonardo DiCaprio and Kate Winslet.
11.10am - It's Buzz Lightyear and Woody from Toy Story to present the award for Best Animated Feature! The Oscar goes to Pixar's latest feature, Inside Out.
11.02am - Sci-Fi thriller Ex-Machina wins the Oscar for Best Visual Effects.
11.00am - Continuing its hot streak, Mad Max: Fury Road also wins for Best Sound Editing and Best Sound Mixing.
10.55am - Mad Max: Fury Road has picked up its fourth award of the evening, this time for Best Editing.
10.45am - Emmanuel Lubezki wins his THIRD Oscar in a row for Best Cinematography, this time for the Leonardo DiCaprio survival drama, The Revenant.
10.30am - Action flick Mad Max: Fury Road, starring Tom Hardy and Charlize Theron, picks up three Oscars in quick succession in the Costume Design, Production Design and Makeup and Hairstyling categories.
10.15am - Alicia Vikander wins Best Supporting Actress for her role in The Danish Girl. This is the first time Vikander has been nominated.
9.56am - The first winners of the 2016 Oscars have been announced.
Best Adapted Screenplay goes to The Big Short (Charles Randolph and Adam McKay), while Best Original Screenplay goes to Spotlight (Tom McCarthy and Josh Singer).
9.45am - It's Hollywood's biggest night: The Oscars! Host Chris Rock kicks things off with his opening monologue, and immediately takes on the #OscarsSoWhite controversy.
Rock: "Jada (Pinkett-Smith) boycotting the Oscars is like me boycotting Rihanna's panties. I wasn't invited!"