The Oscar-winning actress, who was nominated for her role in The Lost Daughter this year, turned heads in the floor-length number by Dior.
The gown had a high neckline, a flowing A-line skirt, and a flattering marked waist thanks to a thin silver belt.
It came complete with dramatic flute sleeves in a look that was the epitome of old Hollywood glamour. Ed Sinclair, her husband since 2001, joined her on the red carpet.
To compliment the glitz, the actress wore stunning diamond chandelier earrings by Chopard.
The 94th annual Academy Awards took place at the Dolby Theatre in Los Angeles. Olivia Coleman was nominated for her leading role in The Lost Daughter, directed by Maggie Gyllenhaal, but the accolade was won by Jessica Chastain for her role in The Eyes of Tammy Faye, later in the evening.
The much-celebrated actress previously took home the best actress award in 2019 for her portrayal of Queen Anne in The Favourite.
It wasn’t just Olivia’s outfit that conjured up images of classic Hollywood glamour.
Nicole Kidman walked the red carpet in a stunning, custom-made designer gown to mark her best actress nomination for her role in Being the Ricardos. While Judi Dench stunned in an all white ensemble as she attended the event.
However, hearts were stolen by Jamie Lee Curtis’ very special guest, an adorable puppy.