Here's how some of the new nominees, their friends and costars are reacting:
Joaquin Phoenix, Nominee, Actor in a leading role, "Joker"
"I feel honored and humbled to have been nominated by my fellow actors. The Academy's encouragement helped ignite and sustain my career and I am incredibly grateful for that support. I'd like to also congratulate my fellow nominees for being recognized for their inspiring performances that have enriched our art form."
Leonardo DiCaprio, Nominee, Actor in a leading role for "Once Upon a Time ... in Hollywood"
"Ultimately, I've been able to be fortunate enough to get to work with some pretty great filmmakers. That's always been the driving force with me. First, of course, the story and character, from an actor's perspective. I feel like we see films through the eyes of the director. The director's medium. I've been able to work with some amazing directors. Quentin is in the lineage of one of the best of our times. It's amazing to be a part of this film that's a celebration of our actors and a celebration of the countless people behind the scenes."
SEE ALSO: Full list of 2020 Oscar nominees
Antonio Banderas, Nominee, Actor in a leading role for "Pain and Glory"
"It makes me feel very, very, very young," Banderas said in an interview about being a first-time nominee at the age of 59.
Saoirse Ronan, Nominee, Actress in a Leading Role for "Little Women"
"!!! I'm just so thrilled that our 'Little Women' has been recognized by the Academy. Greta made something so special that I'm just thankful to have been a part of, let alone nominated for. Thank you to my Academy peers for loving and appreciating this film that is so close to my heart."
Adam Driver, Nominee, Actor in a Leading Role for "Marriage Story"
"I'm honored and incredibly grateful to represent the people who made 'Marriage Story,' and to be included among a list of actors I greatly admire! Thank you very much to Noah and to the cast and crew and, of course, to the Academy for this opportunity."
Cynthia Erivo, Nominee, Best actress and best original song for "Harriet"
"To receive two Oscar nominations for a film paying tribute to Harriet Tubman, a person whose heart and spirit are the embodiment of courage, makes this morning's news beyond anything I could have ever imagined. This is more than a dream come true. When I got the opportunity to play this incredible woman, I felt truly honored that Kasi and our producers saw fit to have me play the part; being asked to co-write and perform the song in the film was the icing on an already wonderful cake. I continue to feel overwhelmed with gratitude today to the Academy for recognizing my performance and our song 'Stand Up'."
Todd Phillips, Nominee, Best Picture, Best Director, Best Adapted Screenplay for "Joker"
"'Joker' began as an idea, an experiment really--could we take an 'indie approach' to a studio film by inverting it into a character study to reflect the world around us? Explore what we're seeing and feeling in society, from the lack of empathy to the effects of the absence of love. I am deeply honored by the overwhelming recognition of the Academy this morning, and I want to thank the genius that is Joaquin Phoenix, and all my incredible collaborators. We are beyond humbled that our peers in the filmmaking community have embraced the film and its message."
Martin Scorsese, Nominee, Best director for "The Irishman":
"I'm honored that our work on 'The Irishman' has been honored by the Academy with these nominations. We put all of ourselves into this picture, a true labor of love, and to be recognized in this way means a great deal to all of us."
Sam Mendes, Nominee, Best picture, director and original screenplay for "1917"
"This movie was a labour of love for many people - myself included - so to see it recognized in this way is very moving for all of us. I would like to thank the Academy on behalf of my fellow producers, and on behalf of every single person who put their heart and soul into this film. Thank you."
Rian Johnson, Nominee, Best original screenplay for "Knives Out"
"We never thought we would be in the awards conversation. This is so meaningful because this nomination comes during such a strong year of writing. It's surreal."
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Jonathan Pryce, Nominee, Actor in a Leading Role for "The Two Popes"
"I didn't expect to be quite as emotional as I was when I heard the news. To be acknowledged by your peers is just the best thing. I am so grateful to them. I am thrilled too for my fellow pope Anthony Hopkins. We had such a good time together. We both thrived on Anthony McCarten's superb script and the inspirational direction of Fernando Meirelles. Huge thanks for the support of Netflix and Tracey Seaward and everyone who worked on the production of this very special film."
Diane Warren, Nominee, Best original song for "Breakthrough"
"I stayed up literally all night waiting for the nominations. Some people say they don't wake up for them. I don't believe them. I had friends over, we had a sleepover party, we had pizza and hung out, it was so much fun. It doesn't get old, I assure you."
Florence Pugh, Nominee, Actress in a supporting role for "Little Women"
Florence Pugh posted two pictures of herself on Instagram: One shows her on the phone, and the other shows her screaming in excitement.
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The Associated Press contributed to this report.