Every lovely lady who graces the red carpet at the Kodak Theatre on Sunday will be under intense scrutiny... the dress is incredibly important!
But it looks like the Best Actress is going to be a very closely fought battle with the awards being spread around in the last few weeks.
Meryl Streep in Julie & Julia
With her performance in Julie & Julia Streep bagged her 16th Oscar nomination, making her the most nominated actor in history.
Back in September she was the strong favourite to win the Best Actress gong, despite nominations being months away.
She takes on the role of Julia Child and the movie follows the early years of her culinary career, and everyone knows that Academy voters like a biopic movie.
The actress has won a string of Best Actress awards from the critics including London Film Critics' Circle Awards, New York Film Critics Circle Awards and San Francisco Film Critics Circle Awards.
She picked up yet another Golden Globe award and was nominated for a Bafta. Any other year she would be the runaway favourite to scoop the Oscar but she does face tough competition.
Sandra Bullock in The Blind Side
She may be best known for her comedy roles but her foray into more dramatic roles has been a huge success for Bullock.
The Blind Side has brought the American star huge box office success across the pond and passing through the $200 million barrier it became the highest grossing movie with only one top-billed female star.
With that success under her belt it wasn't long before the awards for her performance came rolling in and she soon became the toast of Hollywood.
She took home the Golden Globe and the Screen Actors Guild Awards for her central performance and it would be great someone new take home the biggest movie award of the year.
Helen Mirren in The Last Station
Helen Mirren leads the British charge in the Best Actress category this year for her role in The Last Station.
Taking on real life characters has worked well for Mirren in the past, picking up this very same award for her portrayal of Elizabeth II in The Queen, and this time around she takes on the role of Sofya Tolstoy.
She has already picked up the Best Actress award at the 2009 Rome International Film Festival for her performance, as well as being nominated at the Golden Globes.
Carey Mulligan in An Education
Has seen her star rise at a rapid pace over the last twelve months and it's all thanks to her central role in An Education.
The actress has gone from obscurity to Oscar nominee in the blink of an eye and she is the second British actress to find herself fighting it out for Best Actress.
She was the toast of the awards circuit early on as she picked up gongs at the British Independent Film Awards, National Board of Review, Washington D.C. Area Film Critics Association Award amongst others.
She missed out at the Golden Globes and Screen Actors Guild but she did pick up the Bafta last month. However she could sneak the Oscar at the weekend!
Gabourey Sidibe in Precious
Is another actress who has shot to fame all thanks to a single role and that role came in the gritty and hard hitting Precious.
Based on the novel by Sapphire Sidibe takes on the role of an abused teenager who has fallen pregnant twice by her father and is fighting for a better life for herself and her children.
She has picked up Best Actress awards at the Detroit Film Critics Society Awards and Florida Film Critics Circle Award for Best Actress and Best Newcomer at the National Board of Review.
Despite being an unknown she has found herself in the mix at the Golden Globes and the Baftas.
Prediction to win - Sandra Bullock
The winners will be announced 7th March
FemaleFirst Helen Earnshaw