As she always does, Penelope Cruz looked like an Oscar princess on the red carpet.

She really has the knack for picking the exact right dress for her year after year. Her white strapless gown with the full, lacy princess skirt was stunning and her updo let us see her gorgeous face.

Penelope was dressed perfectly to stand in front of everyone and accept the award for Best Supporting Actress for her role in Vicky Cristina Barcelona.