Parasite's Bong Joon-ho beat Sir Sam to the prize for best director, and also took the best original screenplay award.
The film is a vicious social satire about two families from different classes in Seoul - one who live in poverty in a semi-basement, and another rich family residing in a large home.
It has now managed what no other subtitled film has done in the 92-year history of the Academy Awards and won best picture.
"I feel like I'll wake up to find it's all a dream. It all feels very surreal," Bong said.
Producer Kwak Sin-ae, who collected the trophy, said: "I'm speechless. We never imagined this to happen. I feel like a very opportune moment in history is happening right now."
There were boos when organisers tried to cut short the best picture acceptance speech by turning the stage lights off - leading the lights to be turned back on, allowing the celebrations to continue.
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