With the Academy Awards fast approaching, it only makes sense to take a walk down memory lane and remember the most important aspect of this prestigious awards show ... THE FASHION. These are all the past winners and the wannabes of our very own Academy Awards Fashion Award.

Runners-up:

Australian actress Cate Blanchett wore a beautiful yellow Valentino gown at the 2005 Oscars that caused a fashion high. Maybe that is why she won the award that year for best supporting actress in The Aviator.

Phantom of the Opera actress Emily Rossum looked absolutely stunning in her elegant, deep crimson colored Ralph Lauren creation.

At 2006's awards, Keira Knightley was a showstopper with her eggplant Vera Wang gown. The look was 100 percent elegant without being too stuffy.

At the 2007 Academy Awards, Jennifer Lopez took it home with an exquisite Marchesa gown. Very '60s inspired, the dress was an empire-waisted silk gown with intricate crystal encrusted neckline.

Emily Blunt, from The Devil Wears Prada, stayed true to her fashionista character at the Oscars with her stunning blue Calvin Klein gown.

Best Overall:

3rd place

Hilary Swank at the 2005 Oscars knocked them dead with her daring navy blue Guy Laroche gown with a dangerously low plunging back.

2nd place

Halle Berry's 2003 Academy Awards gown was golden. Her sheer one-shouldered Elie Saab gown was elegance at its best.

1st place

Penélope Cruz in the 2007 Oscars with her champagne-colored Versace gown was definitely the picture of timeless Oscar glamour.

Fashion Flops:

American Idol contestant turned Dreamgirls star Jennifer Hudson missed one too many notes at the 2007 awards with her potato-like dress by Oscar de la Renta, complete with a tin foil-colored cropped jacket.

Gwyneth Paltrow's 2002 sheer-topped Alexander McQueen dress and gothic accessories were a far step from her usual Hollywood golden girl style.

At the 2006 Academy Awards, Willy Wonka star Johnny Depp unfortunately stayed true to his role in the movie by wearing a royal blue tux with wingtips.

Kirsten Dunst gets the vote for the most confusing dress at the 2007 Oscars. The Chanel Haute Couture dress combined a frumpy collar, sequins, feathers and tulle for one disastrous look.

Kill Bill star Uma Thurman looked ready to yodel her heart out on the red carpet at the 2004 Academy Awards in a gold-and-blue vest over a fluffy white frock.

Worst Overall:

3rd Place

Charlize Theron showed up at the 2006 Academy Awards in a giant dark-green John Galliano dress. Her date for the evening seemed to be the oversized bow hanging on her shoulder.

2nd Place

Diane Keaton joined the men's club during the 2004 awards by donning a black suit, tie and hat. By adding leather gloves, Keaton secured her place as one of the worst dressed stars in Oscar history.

1st Place

Demi Moore may have made a comeback, but hopefully her self-designed 1989 Oscar monstrosity won't. The ensemble, including a black biker-short design, bustier top and a billowing patterned bustle, proved some actors should stick to what they are being awarded for.