Actress Jennifer Lawrence, who was nominated for Best Actress in 2010 for her role in Winter's Bone co-hosted the announcement with Tom Sherak, President of the Academy.
Like usual, there were some surprises, such as Hugo leading the way with 11 nominations, and actress Melissa McCarthy getting nominated for Best Supporting Actress for her role in Bridesmaids.
The number of Best Picture Nominations has slimmed slightly this year, down from 10 in 2010 to 9 total. Last year, the Academy changed the rules, so that the number may vary between 5 and 10 each year.
Just yesterday, the Academy launched a digital "Celebrate the Movies" campaign with a dedicated YouTube channel.
Below, check out the major nominations (find the full list here) and then let us know what you think. What surprised you? What's missing? And who do you think is going to win? Take our Best Picture poll and then discuss in the comments.
Also, be sure to tune in to Oscar.com at 3:00pm ET/12:00pm PT to see Mashable's Christina Warren discuss the nominations.
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Best Picture
The Artist
The Descendants
Extremely Loud And Incredibly Close
The Help
Hugo
Midnight In Paris
Moneyball
The Tree of Life
War Horse
Best Director
Woody Allen - Midnight In Paris
Michel Hazanavicius - The Artist
Terrence Malick - The Tree of Life
Alexander Payne - The Descendants
Martin Scorcese - Hugo
Best Actor In A Leading Role
Demian Bichir - A Better Life
George Clooney - The Descendants
Jean Dujardin - The Artist
Gary Oldman - Tinker, Tailor, Soldier, Spy
Brad Pitt - Moneyball
Best Actress In A Leading Role
Glenn Close - Albert Nobbs
Viola Davis - The Help
Rooney Mara - The Girl With The Dragon Tattoo
Meryl Streep - The Iron Lady
Michelle Williams - My Week With Marilyn
Best Actor In A Supporting Role
Kenneth Branagh - My Week With Marilyn
Jonah Hill - Moneyball
Nick Nolte - Warrior
Christopher Plummer - Beginners
Max von Sydow - Extremely Loud and Incredibly Close
Best Actress In A Supporting Role
Berenice Bejo - The Artist
Jessica Chastain - The Help
Melissa McCarthy - Bridesmaids
Janet McTeer - Albert Nobbs
Octavia Spencer - The Help
Best Adapted Screenplay
The Descendants
Hugo
The Ides of March
Moneyball
Tinker Tailor Soldier Spy
Best Original Screenplay
The Artist
Bridesmaids
Margin Call
Midnight in Paris
A Separation
Best Animated Feature Film
A Cat in Paris
Chico & Rita
Kung Fu Panda 2
Puss in Boots
Rango