Oscar awards are for artistic and technical merit in the film industry. It is regarded as the most famous and prestigious awards in the entertainment industry. This award is a symbol of success for filmmakers, actors, or anyone from the film industry.

The Academy Awards, popularly known as the Oscars. Initially named "the Academy Award of Merit," it's still a bit of a mystery where "Oscar" came from. One prevailing rumor holds that academy librarian, and eventual executive director, Margaret Herrick joked about the back of the statuette looking a bit like her Uncle Oscar. The Academy didn't adapt the name until 1939, but it was widely popular as early as 1934 when a reporter referred to Katharine Hepburn's first (of 4) best actress wins as an "Oscar" success.

The first Academy Awards or Oscar presentation was held on May 16, 1929, at a private dinner function at the Hollywood Roosevelt Hotel with an audience of about 270 people. Oscar award was originally sculpted by George Stanley from a design sketch by Cedric Gibbons. AMPAS first presented it in 1929 at a private dinner hosted by Douglas Fairbanks in the Hollywood Roosevelt Hotel in what would become known as the 1st Academy Awards.

The post-awards party was held at the Mayfair Hotel. The cost of guest tickets for that night's ceremony was $5 ($74 in 2020 dollars). Fifteen statuettes were awarded, honoring artists, directors, and other participants in the film-making industry of the time, for their works during the 1927–28 period. The ceremony ran for 15 minutes.

Winners were announced to the media three months earlier. That was changed for the second ceremony in 1930. Since then, for the rest of the first decade, the results were given to newspapers for publication at 11:00 pm on the night of the awards.

This method was used until 1940 when the Los Angeles Times announced the winners before the ceremony began; as a result, the Academy has, since 1941, used a sealed envelope to reveal the names of the winners.

The Academy Awards ceremony or Oscar Awards was the first broadcast by radio in 1930 and was televised for the first time in 1953. It is the oldest worldwide entertainment awards ceremony and is now televised live worldwide. It is also the oldest of the four major annual American entertainment awards; its equivalents – the Emmy Awards for television, the Tony Awards for theater, and the Grammy Awards for music – are modeled after the Academy Awards. They are widely cited as the most famous and prestigious competitive awards in the field of entertainment.

The statuettes are solid bronze and plated in 24-karat gold. Due to a metal shortage during World War II, Oscars were made of painted plaster for three years. Following the war, the Academy invited recipients to redeem the plaster figures for gold-plated metal ones.