Parasite has beaten its rivals to win the Academy Award for Best Picture, becoming the first foreign language film to ever take the crown.
The movie, directed by Bong Joon-ho, has been praised by critics since its release and has been a favourite among many leading up to the awards season.
Taking to the stage with the rest of the team, producer Kwak Sin-ae said: "We never imagined this to ever happen. We are so happy. I feel like a very opportune moment in history is happening right now."
Parasite beat out the likes of World War I epic 1917, Martin Scorsese's The Irishman, Quentin Tarantino's Once Upon a Time... in Hollywood and the Joaquin Phoenix-led Joker, as well as Ford vs Ferrari, Marriage Story, Little Women and Jojo Rabbit.
Earlier in the night, Boon Joon-ho picked up the award for Best Director and said he was going to drink until the morning - it's definitely much deserved, that's for sure.
Upon winning, Bong paid tribute to fellow nominee Scorsese in his speech, saying that when he was young the veteran filmmaker had 'carved' a useful piece of advice 'deep into [his] heart' with the words: "The most personal is the most creative."
Bong also took the time to thank Tarantino for championing his work, saying: "Quentin, I love you."
As well as winning the awards for Best Picture and Best Director, Parasite also won Best Foreign Language Film and Best Original Screenplay.
Bong explained that when he found out about the nominations for the film, he was over the moon - but he also remained humble, citing fears that he might wake up to realise it was 'all a dream'.
Speaking to Deadline through his translator and filmmaker Sharon Choi, he said: "I feel it's like Inception.
"Soon I'm going to wake up and realise this was all a dream, I'm still in the middle of Parasite and all the equipment is malfunctioning. I see the catering truck on fire and I'm wailing. But right now, everything is great and I'm so happy."
The psychological thriller - which was released in South Korea in May 2019 - stars Song Kang-ho, Lee Sun-kyun, Cho Yeo-jeong, Choi Woo-shik and Park So-dam.
It follows the Kim family, who are struggling to make ends meet while living in a small basement apartment.
When one of them finds work with the much wealthier Park family as a tutor, the rest of the family decide to de-camp and infiltrate the Parks' home. Needless to say, that does not go too well for them.
Tonight, on the other hand, has gone exactly as they wanted (and maybe even better) so well done to the team for this historical win.