The film was also honoured earlier on this evening, when it won a BAFTA for Best Sound, and had also been shortlisted in the Outstanding British Film, Costume Design, Make-Up & Hair, Cinematography and Editing categories.
Malek beat fellow nominees Bradley Cooper (A Star is Born), Christian Bale (Vice), Steve Coogan (Stan & Ollie) and Viggo Mortensen (Green Book) this evening - and he's also not doing badly for himself outside of the world of BAFTAs.
Not only has Malek been nominated for the highly coveted Best Leading Actor Oscar this year (alongside Christian Bale, Bradley Cooper, Willem Dafoe and Viggo Mortenson), he also scooped the Golden Globe for Best Performance by an Actor in a Motion Picture - Drama, while the film itself took the prize for Best Motion Picture - Drama.
"I am beyond moved," Malek said when he accepted the award.
He also thanked Freddie Mercury, adding: "This is for and because of you, gorgeous."
Rami Malek on the red carpet at this evening's BAFTA awards. Credit: PA
Queen guitarist, Brian May, has given his blessing to the film - and has said Malek deserved to be nominated for an Oscar for his 'remarkable' performance.
Speaking to the Press Association, he said: "He inhabited Freddie to the point where we even started to think of him as Freddie. Really remarkable.
"He's incredible... without doubt he'll be on the nominations list for an Oscar - and well deserved as well.
"We've lived with this project for nine years and it's incredible to see it doing so well. It came out to shitty reviews, as some of our work has before, but the public has embraced it magnificently.
"Everybody gave 200 percent, from the actors and technicians to the production team and hair and make-up, everyone. You don't get any lukewarm responses. The guy who plays me should be getting awards all over."
May's not the only one who thinks Malek should get the Academy Award, either.
Following the news of his BAFTA success this evening, one person tweeted: "Yesss baby!! Rami on his way to snatch that Oscar!!!"
Another added: "NOW ONTO THAT OSCAR."
Reckon Malek can make it a hat trick? Only time will tell...