The Best Supporting Actor Oscar is another category that is wide open this year and there are some fantastic performances in the running.
We take a closer look at the actors who are in the running and the performances that they are recognised for.
Alan Arkin may be in a supporting role in Argo but he delivers a terrific performance and delivers one of the best lines of 2012... 'Argo f**k yourself'.
He takes on the role of Lester Siegel in the film, the producer who help Tony Mendez get his fake film off the ground.
Arkin has a fantastic on screen relationship with John Goodman in the film and their comic timing and delivery of their lines is just spot on.
Arkin has been nominated at the Baftas, Golden Globes and Screen Actors Guild Awards.
Robert De Niro is one of the greatest actors of his generation and he showed that class at the end of last year in Silver Linings Playbook.
The movie saw him work with director David O'Russell and reunite with his Limitless co-star Bradley Cooper.
The pair play father and son in the movie in a family that is coping with mental illness.
He brings real gravitas to this part and delivers a very touching performance; the scene where he apologises to Pat for not spent a lot of time with him as a child is a particularly good.
It is an incredibly touching role as the two men go on a journey of understanding and it is one of the most emotional relationships in the film.
Philip Seymour Hoffman already has a Best Actor Oscar under his belt for Capote and now he is in the awards mix for The Master.
Towards the end of last year The Master was a major frontrunner for Oscar nominations and while the movie itself has missed out the performances have not been overlooked.
He takes on the role of Lancaster Dodd, the charismatic leader of The Cause as he tries to spread his message.
Hoffman has such a presence in this role as he dominates and commands every scene that he is in.
Tommy Lee Jones joins the ensemble cast for Steven Spielberg's Lincoln as he takes on the role of Thaddeus Stevens.
The movie follows Lincoln's bid to bring the American Civil War to an end and abolish slavery at the same time.
Tommy Lee Jones has picked up gongs at the New York Film Critics Online Awards and San Francisco Film Critics Circle awards.
He has also picked up nominations at the Golden Globes, Baftas and Screen Actors Guild Awards.
It was with Quentin Tarantino that Christoph Waltz made his major breakthrough with Inglourious Basterds in 2009 - for which he received a Best Supporting Actor Oscar.
Waltz has reunited with Tarantino for Django Unchained and more awards success has stared to come his way.
The movie sees him take on the role of Dr. King Schultz - a bounty hunter who helps Django rescue his wife from a brutal Mississippi plantation owner.
Waltz won the Golden Globe for his performance over the weekend so could another Oscar follow?
The Winners will be revealed 24th February