Right now, predictions are split. Experts say two contenders are at the forefront, having already taken home big awards so far this season.
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Lily Gladstone just won the Screen Actor's Guild Award for Best Actress for her role in Martin Scorcese's "Killers of the Flower Moon."
Gladstone made history with this win, becoming the first Indigenous actor to win in this category. She would do the same if she wins the Oscar.
"It's such an incredible honor," she says. "It's already historic. My community, Blackfeet folks, have always been the first ones that have encouraged me, and saw that performance proclivity early. It's definitely a shared moment. It's wonderful."
At the SAG awards, Gladstone pulled off what was considered an upset against frontrunner Emma Stone.
Stone had already won the BAFTA award for her role in "Poor Things." In the film, she plays Bella, a woman brought back to life by an unorthodox scientist.
"What I took away from playing Bella, but also her story, was just this kind of hunger for experience," Stone says. "It's just openness and adventure and curiosity. It was really beautiful."
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Stone is going for her second Best Actress Oscar. She won in 2017 for "La La Land."
This is Sandra Hüller's first Oscar nomination for "Anatomy of a Fall," a French legal drama film.
It's the third time Carey Mulligan has been nominated for Best Actress. In "Maestro," she plays the wife of composer Leonard Bernstein, played by Jenkintown's Bradley Cooper.
Finally, this is the 5th Oscar nomination for Annette Bening in "Nyad." She plays real- life marathon swimmer Diane Nyad, who swam from Cuba to Florida at age 64.
These are the five incredible women up for Actress in a Leading Role.
You can find out who wins during the live Oscars show on Sunday, MArch 10 at 7 p..m on 6abc.