The British actress took home the award for Best Actress for her role in The Favourite.
She first thanked director Yorgos Lanthimos and her co-stars (and Supporting Actress nominees) Rachel Weisz and Emma Stone.
In the night's most stunning upset, it was Colman, and not the heavily favored Glenn Close, who took the best actress trophy for her blazingly eccentric turn in "The Favourite".
"I have to thank lots of people and if I forget anybody I'll find you later and give you a massive snog", she said. "I can't believe a film about menstruation just won an Oscar".
"It sounds really odd, but I did fall in love with him at first sight", Colman told The Telegraph about meeting Sinclair for the first time.
Writer Rae Earl said: "Olivia Colman also did incredible TV work on both "Peep Show" & "That Mitchell & Webb look" & if you haven't watched them you should watch them now and COMEDY RARELY GETS THE RESPECT IT DESERVES. Ta".
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Regina King has won best supporting actress at the 91st Academy Awards for her role as a fiercely protective mother in If Beale Street Could Talk .
The RadioTimes asked various actors Colman had worked with to discuss what she was like as a person - and nobody had a bad word to say about her.
The controversial film about a black jazz pianist and a white driver touring the segregated south was the shock victor of the best picture prize, and also scored gongs for its screenplay and for best supporting actor Mahershala Ali. "Trying to think about, you know, the sky, the trees, the grass".
Olivia added the Oscar to her stream of earlier wins for her roles at the Golden Globes, BAFTAs and National Society of Film Critics for the role in the period drama.
Best actor Rami Malek also pointed out his mom as he accepted his award for "Bohemian Rhapsody", saying, "I love you, lady".
"My husband, Ed, my best friend, I love you so much". Best supporting actress Regina King brought mother Gloria as her date, and thanked her tearfully "for teaching me that God is always leaning in my direction".