Hollywood is gearing up for the biggest event in the global entertainment calendar, the 88th Academy Awards. The Oscars ceremony, which will bring together the biggest names in the film industry, will take place at the Dolby Theater in Los Angeles on 28 February.

The best picture race is tight, with Alejandro González Iñárritu's dark drama The Revenant competing against Tom McCarthy's investigative journalism tale Spotlight. However, there are clear favourites in the best actor and actress categories: Brie Larson has been tipped to win for Room, and we can say with almost complete confidence that Leonardo DiCaprio is finally going to get his hands on an Oscar for his role as a fur trapper bent on revenge in The Revenant.

Of course, it's not just about film. The Oscars red carpet is the Hollywood fashion event of the year. While we wait to see who wins what and what they're wearing, IBTimes UK looks back at the best photos and most memorable moments in Oscars history.

Oscars best photos
25 March 1954: Audrey Hepburn poses with her Oscar for Best Actress for the film Roman HolidayAFP
Oscars best photos
11 April 1962: Hollywood's golden couple Warren Beatty and Natalie Wood arrive at the OscarsWilliam Lovelace/Express/Getty Images
Oscars best photos
7 April 1970: John Wayne accepts his Best Actor Oscar for the film True Grit from Barbra StreisandAFP
Oscars best photos
13 April 1972: Charlie Chaplin arrives back in London with his wife Oona and his Honorary OscarKeystone/Getty Images
Oscars best photos
2 April 1974: Elizabeth Taylor laughs as she is upstaged by a streaker before she presented the Oscar for Best PictureHulton Archive/Getty Images
Oscars best photos
25 March 1985: Michael Douglas applauds his father Kirk Douglas during the 57th Annual Academy AwardsRob Boren/AFP
Oscars best photos
29 March 1993: Clint Eastwood poses with the two Oscars he won for Best Director and Best Picture for Unforgiven, and with presenters Jack Nicholson and Barbra StreisandScott Flynn/AFP
Oscars best photos
21 March 1994: Nick Park holds the Oscar he received for Animated Short Film The Wrong TrousersReuters
Oscars best photos
21 March 1994: Eleven-year-old Anna Paquin poses with the Oscar she received for Best Supporting Actress for The PianoTimothy A Clary/AFP
Oscars best photos
27 March 1995: Tom Hanks drinks and holds onto his Oscar at the Governor's Ball after the 67th annual Academy Awards. Hanks won Best Actor for his role in the film Forrest Gump which also won five other awardsVince Bucci/AFP
Oscars best photos
27 March 1995: Co-writers Quentin Tarantino and Roger Avary accept the Oscar for Best Original Screenplay for the film Pulp FictionDon Emmert/AFP
Oscars best photos
25 March 1996: Superman actor Christopher Reeve, who was paralysed when he fell off a horse, speaks at the 68th Academy AwardsGary Hershorn/Reuters
Oscars best photos
24 March 1997: Cuba Gooding Jr throws his Oscar into the air after he won Best Supporting Actor for his role in Jerry MaguireHector Mata/AFP
Oscars best photos
23 March 1998: James Cameron holds the three Oscars he won for Titanic, for Best Film, Best Director and Best EditingHector Mata/AFP
Oscars best photos
23 March 1998: Matt Damon and Ben Affleck pose with Robin Williams and their Oscars they won for Good Will Hunting. Damon and Affleck won Best Original Screenplay and Williams won for Best Supporting ActorHal Garb/AFP
Oscars best photos
21 March 1999: Host Whoopi Goldberg, dressed as Queen Elizabeth I, opens the 71st Academy AwardsTimothy A Clary/AFP
Oscars best photos
21 March 1999 : Gwyneth Paltrow cries uncontrollably as she receives the Oscar for Best Actress for her role in Shakespeare in LoveTimothy A Clary/AFP
Oscars best photos
21 March 1999: Roberto Benigni is led off the stage by Sophia Loren after winning the Oscar for Foreign Language Film for Life is Beautiful. He also won Best ActorTimothy A Clary/AFP
Oscars best photos
26 March 2000: Robin Williams performs the song Blame Canada, from the film South Park: Bigger, Longer & Uncut, nominated for Best Original SongTimothy A Clary/AFP
Oscars best photos
26 March 2000: Angelina Jolie poses with her Oscar for Best Supporting Actress for Girl, InterruptedDavid McNew/Getty Images
Oscars best photos
25 March 2001: Pamela Anderson and Elizabeth Hurley pose together as they arrive at the Vanity Fair post-Academy Awards partyReuters
Oscars best photos
24 March 2002: Best Actor and Actress winners Halle Berry and Denzel Washington pose with their Oscars. Washington won for his role in Training Day and Berry won for Monster's Ball, becoming the first African-American woman to ever win an Oscar for a leading role (and the last, so far)Frederick M. Brown/Getty Images
Oscars best photos
24 March 2002: Whoopi Goldberg covers up an Oscars statue during the 74th Academy AwardsTimothy A Clary/AFP
Oscars best photos
27 February 2005: Chris Rock gives a raised-fist salute backstage after his stint as the first African-American host of the Oscars. He returns this yearCarlo Allegri/Getty Images
Oscars best photos
25 February 2007: Tom Cruise and his wife Katie Holmes arrive for the Vanity Fair Oscars PartyChris Pizzello/Reuters
Oscars best photos
22 February 2009: Beyonce Knowles performs with show host Hugh Jackman during the 81st Academy AwardsGary Hershorn /Reuters
Oscars best photos
22 February 2009: Kate Winslet accepts the Oscar for Best Actress for The Reader, in front of former best actress winners Sophia Loren, Shirley MacLaine, Nicole Kidman, Halle Berry and Marion CotillardGary Hershorn/Reuters
Oscars best photos
22 February 2009: Man on Wire director Philippe Petit balances the Oscar he won for Best Documentary FeatureGary Hershorn/Reuters
Oscars best photos
7 March 2010: Best Actress nominees Sandra Bullock and Helen Mirren joke around on the red carpetBrian Snyder/Reuters
Oscars best photos
7 March 2010: Ben Stiller presents the award for best make-up at the 82nd Annual Academy AwardsKevin Winter/Getty Images
Oscars best photos
26 February 2012: Bret McKenzie, nominated for the Original Song award for Man or Muppet, jumps as Jane Seymour poses on the red carpetMario Anzuoni/Reuters
Oscars best photos
26 February 2012: Meryl Streep, winner of the Best Actress Award for The Iron Lady, hugs an Oscar statue in the press roomJason Merritt/Getty Images
Oscars best photos
24 February 2013: Sofia, daughter of Claudio Miranda, Chilean Best Cinematography nominee for the film Life of Pi, makes a face as she walks the red carpet with her parentsLucy Nicholson/Reuters
Oscars best photos
24 February 2013: Jennifer Aniston is seen backstage. She presented the Best Costume Design award together with Channing TatumChristopher Polk/Getty Images
Oscars best photos
24 February 2013: Jennifer Lawrence trips as she heads onto the stage to collect her Best Actress award for Silver Linings PlaybookKevin Winter/Getty Images
Oscars best photos
24 February 2013: Jennifer Lawrence reacts as she poses backstage with her Oscar after winning the Best Actress award for Silver Linings PlaybookMike Blake/Reuters
Oscars best photos
2 March 2014: Cate Blanchett smiles backstage after winning the Best Actress Oscar for Blue JasmineChristopher Polk/Getty Images
Oscars best photos
2 March 2014: Benedict Cumberbatch photobombs the members of U2 as they pose on the red carpetMike Blake/Reuters
Oscars best photos
2 March 2014: Anne Hathaway catches Jared Leto as he photobombed her at the Vanity Fair Oscars PartyDanny Moloshok/Reuters
Oscars best photos
2 March 2014: David O Russell runs away with Spike Jonze's Best Original Screenplay Oscar for the film HerDanny Moloshok/Reuters
Oscars best photos
2 March 2014: Best Supporting Actor winner Jared Leto poses backstage with Best Supporting Actress winner Lupita Nyong'oChristopher Polk/Getty Images
Oscars best photos
2 March 2014: Host Ellen DeGeneres poses for a selfie taken by Bradley Cooper with (clockwise from L-R) Jared Leto, Jennifer Lawrence, Channing Tatum, Meryl Streep, Julia Roberts, Kevin Spacey, Brad Pitt, Lupita Nyong'o, Angelina Jolie, Peter Nyong'o Jr and Bradley Cooper. (Just out of shot: Liza Minnelli)Ellen DeGeneres/Twitter via Getty Images
Oscars best photos
2 March 2014: Meryl Streep, Best Actress nominee for her role in August: Osage County, arrives at the 86th Academy AwardsMike Blake/Reuters
Oscars best photos
22 February 2015: Viola Davis is seen backstage at the 87th Annual Academy AwardsChristopher Polk/Getty Images
Oscars best photos
22 February 2015: Emma Stone and Julianne Moore embrace at the Governors Ball after the Oscars ceremonyKevork Djansezian/Getty Images
Oscars best photos
22 February 2015: Anna Kendrick arrives at the 87th Annual Academy AwardsMichael Buckner/Getty Images
Oscars best photos
22 February 2015: Jared Leto photobombs producer James W Skotchdopole as he poses with the Best Picture award for Birdman at the Vanity Fair Oscars PartyDanny Moloshok/Reuters
Oscars best photos
22 February 2015: Jennifer Lopez heads onto stage to present the award for Best Costume DesignChristopher Polk/Getty Images
Oscars best photos
22 February 2015: Lupita Nyong'o attends the 87th Annual Academy AwardsFrazer Harrison/Getty Images
Oscars best photos
22 February 2015: Eddie Redmayne speaks onstage after winning the Best Actor Oscar for The Theory of EverythingChristopher Polk/Getty Images
Oscars best photos
22 February 2015: Jennifer Aniston and Emma Stone hug on the red carpetJason Merritt/Getty Images
Oscars best photos
22 February 2015: Idina Menzel and John Travolta share an uncomfortable kiss as they present the award for Best Original SongKevin Winter/Getty Images