Tim Burton's "Alice in Wonderland" took home the first Oscar for art direction.
Cinematographer Wally Pfister won his first Oscar for "Inception," and gave credit to Christopher Nolan, who was snubbed for a best director nomination. "Inception" took home several technical awards, for sound mixing, sound editing and visual effects.
Pfister beat out perpetual nominee Roger Deakins, the cinematographer on "True Grit." Deakins has yet to win an Oscar.
Hanks pointed out the newly redesigned red and gold envelope that holds the winners' names. To honor the 70th anniversary of the use of sealed envelopes for the Academy Awards, designer Marc Friedland gave the Oscar envelope a makeover from the ordinary white envelope and plain announcement cards.
"Toy Story 3," which is also nominated for best picture, won best animated feature, as expected.
The two films started out even in the Oscar tally, following the screenplay awards.
Aaron Sorkin received the Oscar for best adapted screenplay for "The Social Network" and joked that his daughter's guinea pig will have to give him some respect now.
Backstage, Sorkin mused about Facebook founder Mark Zuckerberg.
"Mark, I think he's been an awfully good sport about all this," he said. "I don't think anyone here would want a movie made about the things that they did when they were 19-years-old."
David Seidler won the Oscar for best original screenplay for "The King's Speech."
"My father always said to me I would be a late bloomer," the gray-haired writer said, receiving applause. "I believe I'm the oldest person to win this particular award. I hope that record is broken quickly and often."
In a twist, he thanked his children for having faith in him and told stutterers around the world, "We have a voice, we have been heard."
Later, backstage, Seidler said, "I've been flooded with the most wonderful e-mails and text messages from my fellow stutterers. Because, I'm still a stutterer ... to have these people tell me their personal stories really moves me to tears."
Trent Reznor, the former frontman of Nine Inch Nails, and Atticus Ross won the Oscar for best original score for "The Social Network," which also took the trophy for editing.
"The Wolfman" won the Oscar for makeup, while Colleen Atwood took home her third Oscar for "Alice in Wonderland."
Oprah Winfrey announced the winner for best documentary feature, "Inside Job."
"Not a single financial executive has gone to jail and that's a shame," the film's director Charles Ferguson said to applause.
Denmark's "In a Better World," took home the prize for best foreign language film.
"The Social Network" was an early favorite in the Oscar race, after winning big at the Golden Globes and topping critics' best lists at the end of last year.
But in the final weeks before the Oscars, it's been all about "The King's Speech," which won the top prizes at the Producers, Directors and Screen Actors Guild Awards.
The other big contest of the night, best actress, featured one of the night's most anticipated match-ups, between youngster Natalie Portman, who won a Golden Globe and a SAG award for "Black Swan," and veteran actress and four-time nominee Annette Bening, who scored a Golden Globe and a slew of critics circle awards for "The Kids Are Alright."
"I just want a macaroni and cheese in my bed," Portman told 'GMA' after the Oscars when asked if she was ready for the awards season to be over.
Bening, a four-time Oscar nominee, didn't go home empty-handed. She was accompanied by husband Warren Beatty, who had already declared her the best actress in the world.