Oscars 2011: Top 5 Best Dresses

Forget the competition for winning an Academy Award. The real battle last night was on the red carpet for the coveted title of best dressed.

So let's get right to it with a sneak peek at our picks for the fashion hits.

Mila Kunis, who was one of the first stars to hit the carpet, went for a racy lingerie-inspired lavender Elie Saab Haute Couture gown that showed off her incredible figure. Love!

Never one to disappoint, style star Gwyneth Paltrow wore a metallic Calvin Klein Collection gown with stunning Louis Vuitton jewels.

Fashion critics wondered what a very pregnant Natalie Portman would wear for her big night and she absolutely killed it in a custom violet-hued Rodarte dress.

To find out what other stars stood out, watch the video above!