And just like all those Super Bowl parties that took place earlier this month, there'll be plenty of Oscar-viewing soirees taking over living rooms on Sunday. So the question is, with such a fashion-focused event, what should partygoers wear?
"I think that the Oscars are kind of like the holidays in a strange way," celebrity stylist Robert Verdi (he's dressed Eva Longoria for many a red carpet) tells StyleList. "So my advice is always go full-tilt boogie. If you're going to an Oscar party, go as if you're going to the Oscars. It might be the closest you ever get, so make it a good time."
Fashion expert and E! "Fashion Police" co-host George Kotsiopoulos agrees.
"I absolutely love any excuse to dress up, and since most people rarely have an occasion -- aside from their wedding -- an at-home Oscar-viewing party is the perfect opportunity to glam it up and dress over the top," he tells StyleList.
Kotsiopoulos says he would love attending an Oscar-themed black tie "decades" party, where guests dress formally from their favorite era.
"For men, this could be '20s tails and top hats, '30s Prohibition-era double-breasted gangster or even '70s pastels and ruffled shirts," he suggests. "The ladies can do '20s glitter and glam, '30s screen siren, '50s channeling Audrey and Grace, or '80s poufs and peplums."
And Jeannie Mai, host of the Style Network's "How Do I Look?" (new season starts April 2) and no stranger to the red carpet herself, says Oscar-viewing parties are the perfect time to invite guests to bring the bling.
"Whether through jewelry, shoes, belt, shirt or clutch, nothing glams up the night like some glitz," she tells StyleList. "I've also thrown parties where I encourage guests to add inspirational pieces from their favorite stars in their moments: Friends came in aprons for 'Julia and Julia' to classic vintage Chanel for 'Coco Before Chanel.' It's so fun to see the most creative memories and learn a side of your guests you didn't know before."
For formal parties, Mai recommends a period look.
"The Oscars is where a woman can get away with any beautiful draped gown, rich, luxe jewelry -- faux is fab -- and really go all out with '40s finger waves or large rolled curls," she says. "Makeup can even be as simple as matte foundation and eye shadow, with a vivacious berry-red lip."
And, for something a bit more casual, think comfort, Mai says.
"We all know how the Oscars can feel so long -- and don't forget the fun apps you won't stop nibbling," she says. "I like fabrics like jersey or cotton blends that won't wrinkle, so look for a basic wrap or shift dress in a bold color to dress up the eve while letting you feel relaxed. And don't forget: A dainty martini is absolutely an accessory."
Looking for more style tips? Here are spring pieces to buy now.
If you want to take a look back at fashion on the red carpet, check out this FABtv video below: