The celebrated film earned the top honor at Sunday's star-studded ceremony.
It was the film's third win of the night after Tory Kotsur won for Best Supporting Actor. The film also hauled in a gold statuette for Best Adapted Screenplay.
The sweet coming-of-age family drama -- starring Kotsur, Emilia Jones, Marlee Matlin and Daniel Durant -- beat out Belfast, Don't Look Up, Drive My Car, Dune, King Richard, Licorice Pizza, Nightmare Alley, The Power of the Dog and West Side Story.
CODA's win is historic, marking the first film to star a predominantly deaf cast to ever earn the Oscar's top honor. It also marks the first Best Picture winner to come from a streaming service -- Apple TV+.
Additionally, the film is the first Best Picture winner to ever premiere at the Sundance Film Festival, where it first delighted audiences during the festival's virtual premiere screenings last year.
After winning the statuette, Kostur thanked his dad saying, "He was the best signer in our family. But he was in a car accident and he became paralyzed from the neck down. And he no longer was able to sign. Dad, I learned so much from you I'll always love you. You are my hero."
Leading up to the ceremony, Kostur told ET's Kevin Frazier and Nischelle Turner that the film simply earning the nominations shined a bright light on their community.
"I feel, of course, honored to be recognized because obviously people are [beginning to remember] a message -- not to forget. To love and cherish your family no matter what language you use," he said.