Project Runway host Heidi Klum made a dramatic entrance at the Kodak Theatre in a custom-made John Galliano gown.
W magazine fashion market editor Treena Lombardo: "Heidi Klum was the most beautiful I've ever seen her."
Anne Hathaway wore a Marchesa dress that she described as "diaphanous" while Katherine Heigl, the star of Grey's Anatomy and Knocked Up, turned heads in an Escada one-shouldered gown.
Helen Mirren wore a head-turning Georges Chakra duchess satin gown complete with Swarovski crystal drop sleeves and back. She also accessorised with a Union Jack flag, which she waved during interviews.
Hannah Montana star Miley Cyrus, 15, stepped out in a red Valentino dress and revealed her hopes for a movie career, saying: "I really want to have the respect of being a true artist not only in music, but in films."
Meanwhile, Julie Christie, who lost Best Actress to French star Marion Cotillard, also failed to win over style critics in her ruched scarlett frock, accessorised with pink gloves and peep-toe heels.
Elsewhere, Juno star Jennifer Garner wore a black strapless dress with a tail, offset by a large diamond necklace and bracelet.
Cameron Diaz wore a light pink simple off-the-shoulder Christian Dior floor-length dress with Bulgari jewellery.
Her neck was bare but on her ears were diamonds earings, and on her finger was a rare diamond ring valued at over £1.2 million from jewellery Bulgari.
Toying with the ring, Cameron said: "I like to sparkle when I'm a presenter at the Oscars."
Penelope Cruz sashayed down the red carpet in a Chanel Haute Couture navy fishtail gown designed by Karl Lagerfeld.
Oscar vetran Hilary Swank wore an Atelier Versace, while Renee Zellweger donned a sparkling Carolina Herrera.
Jennifer Hudson, who wone Best Supporting Actress last year, opted for full length and fabulous in Roberto Cavalli.
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