The 70th Academy Awards, hosted by Billy Chrystal, took place on March 23, 1998, at the Shrine Auditorium in Los Angeles. To celebrate its 70th anniversary, the Academy brought 70 actors to the stage, all of whom have received both competitive and honorary awards, who appeared seated together during a segment called Oscar's Family Album. The broadcast drew an average of 57.25 million people over its duration, representing a 29% increase from the previous year.

Several notable films competed for "Best Picture," including "Titanic," "As Good as It Gets," "The Full Monty," "Good Will Hunting," and "L.A. Confidential." Titanic, produced by James Cameron and Jon Landau, won "Best Picture," cementing its place as the night’s big winner. James Cameron also won the "Best Directing" award. He was up against Peter Cattaneo for "The Full Monty," Gus Van Sant for "Good Will Hunting," Curtis Hanson for "L.A. Confidential," and Atom Egoyan for "The Sweet Hereafter."

Jack Nicholson won "Best Actor" for his role as Melvin Udall in "As Good as It Gets." His competition included Matt Damon in "Good Will Hunting," Robert Duvall in "The Apostle," Peter Fonda in "Ulee’s Gold," and Dustin Hoffman in "Wag the Dog." The "Best Actress" award went to Helen Hunt for her portrayal of Carol Connelly in "As Good as It Gets." Other nominees were Helena Bonham Carter ("The Wings of the Dove"), Julie Christie ("Afterglow"), Judi Dench ("Mrs. Brown"), and Kate Winslet ("Titanic").