Hollywood is gearing up for the biggest night of the year as nominees for the 88th Annual Academy Awards were announced on Thursday, Jan. 14, at the Academy of Motion Pictures Arts and Sciences' Samuel Goldwyn Theatre in Beverly Hills.

At the two-hour press conference, Academy President Cheryl Boone Isaacs, directors Guillermo Del Toro and Ang Lee and actor John Krasinski took turns revealing which actors, movies, and people behind the scenes are in the running to win the movie industry's most prestigious award.

As expected, Leonardo DiCaprio was nominated for Best Actor for his role in "The Revenant." This marks the fifth time that the actor was nominated for an Oscar, and it remains to be seen whether this will be the year that the 41-year-old will finally get to take home the trophy.

But DiCaprio has some tough competition as Matt Damon has also been nominated in the same category for "The Martian," and Eddie Redmayne is gunning for his second Oscar in a row as the British actor got a nod for his work on "The Danish Girl." Last year, Redmayne took home the Best Actor award for his portrayal of Stephen Hawking in "The Theory of Everything."

For the Best Actress award, all eyes are on Jennifer Lawrence and Brie Larson as both actresses have been exceptional in their respective films. Lawrence gained praise for her role in "Joy," where she portrayed self-made millionaire Joy Mangano. Meanwhile, Larson's performance in "Room" has also been received critical praise as she played the part of a woman who has been held captive for years in an enclosed space with her 5-year-old son.

Here is the partial list of nominees for the 88th Academy Awards:

Best Picture

"The Big Short"
"Bridge of Spies"
"Brooklyn"
"Mad Max: Fury Road"
"The Martian"
"The Revenant"
"Room"
"Spotlight"

Best Actor

Brian Cranston, "Trumbo"
Matt Damon, "The Martian"
Leonardo DiCaprio, "The Revenant"
Michael Fassbender, "Steve Jobs"
Eddie Redmayne, "The Danish Girl"

Best Actress

Cate Blanchett, "Carol"
Brie Larson, "Room"
Jennifer Lawrence, "Joy"
Charlotte Rampling, "45 Years"
Saoirse Ronan, "Brooklyn"

Best Supporting Actor

Christian Bale, "The Big Short"
Tom Hardy, "The Revenant"
Mark Ruffalo, "Spotlight"
Mark Rylance, "Bridge of Spies"
Sylvester Stallone, "Creed"

Best Supporting Actress

Jennifer Jason Leigh, "The Hateful Eight"
Rooney Mara, "Carol"
Rachel McAdams, "Spotlight"
Alicia Vikander, "The Danish Girl"
Kate Winslet, "Steve Jobs"

The Oscar Awards will be held on Sunday, Feb. 28 at the Dolby Theater at Hollywood & Highland Center and will air live at 7 p.m. on ABC. For the complete list of nominees, go to Oscar.go.com.