The Academy Award of Merit, also known as the Oscar's statuette, recognizes outstanding achievements in moviemaking and excellence in all aspects of film production. The statue was designed in 1928 by Cedric Gibbons, the art director at MGM. Sculptor George Stanley was commissioned to bring Gibbons' design to life for a fee of $500. The 13.5-inch-tall, 8.5-pound statue depicts a knight holding a crusader's sword, standing on a reel of film with five spokes, symbolizing the Academy's five original branches: actors, directors, producers, technicians, and writers. The stylized figure is made of solid bronze and plated in 24-karat gold. The first recipients were awarded at the first ceremony in 1929.

The origins of the nickname "Oscars" are not confirmed; however, it is said that upon first seeing the trophy, Academy librarian Margaret Herrick remarked that it resembled her Uncle Oscar. The Academy didn’t adopt the nickname officially until 1939. Still, it was widely known enough by 1934 that Hollywood columnist Sidney Skolsky used it in a piece referring to Katharine Hepburn’s first "Best Actress" win.