The movie was directed by Paolo Sorrentino, who also accepted the award tonight.
"The Great Beauty," is about a Jep Gambardella, who after his 65th birthday sees things differently and goes on a journey to find the real Rome and all its beauty. He's tired of the nightclub party life and is looking deeper into the world and trying to find meaning behind it.
Toni Servillo, Sabrina Ferilli, Carlo Buccirosso, and Carlo Verdone starred in this Italian film, that has been storming award shows since its released at Cannes.
"The Great Beauty," also has won at this year's Golden Globes, Italian Golden Globes, and at the BAFTAs.
The Oscars tonight are airing on ABC.