It comes after Sky pulled out of broadcasting the Oscars ceremony after 20 years, following viewing figures falling.
The ceremony will broadcast and stream live from the Dolby Theatre at Ovation Hollywood into living rooms across the UK through ITV1 and ITVX, as part of a new multi-year deal with Disney Entertainment.
Darren Nartey, Senior Acquisitions Manager for ITV and ITVX commented: 'We are thrilled to be able to exclusively bring the Oscars to film fans all across the UK, furthering and complementing our commitment to films across our network.
'We already have a fantastic collection of over 250 feature films available on ITVX at any one time and are looking forward to sharing the movie-event of the year with our viewers.'
Announcement: ITV has announced that it will be unrolling the red carpet to homes across the UK as the exclusive partner for the 96th Oscars , which will take place on Sunday, March 10, 2024
Bill Kramer, CEO of the Academy of Motion Picture Arts and Sciences, said: 'We could not be happier to partner with ITV in bringing the Oscars to viewers throughout the UK.
'The Oscars is a celebration of global cinema -- recognizing films and film artists from around the world. ITV's support of our international awards show is a testament to its deep devotion to the movies.'
Last year's Oscars, hosted by Jimmy Kimmel, saw 'Everything Everywhere All at Once' dominate with seven wins.
The film took home best picture, as well as Oscars for stars Michelle Yeoh, Ke Huy Quan and Jamie Lee Curtis. Its directing duo, the Daniels, also won for directing the film
UK audience figures for the Oscars have been falling, with a reported 35,000 watching this year's event live on Sky Cinema compared to nearly 60,000 in 2022.
Broadcasters are facing a tough economic climate and many are looking at how to make savings.
Sky took over the rights from the BBC in 2004. Coverage usually ran between around 11pm and 5am.
Coverage of the ceremony is shown in the US on ABC and this year was hosted by chat show star and comedian Jimmy Kimmel.
The event created headlines for the wrong reasons in 2022 after Will Smith famously went up on stage and slapped Chris Rock.
Broadcast: The ceremony will broadcast and stream live from the Dolby Theatre at Ovation Hollywood into living rooms across the UK through ITV1 and ITVX, as part of a new multi-year deal with Disney Entertainment
Winner: Last year's Oscars, hosted by Jimmy Kimmel, saw 'Everything Everywhere All at Once' dominate with seven wins
This year's ceremony saw Everything, Everywhere All At Once win the award for Best Picture.
More than 57million Americans tuned in to watch Titanic win 11 Oscars during the 70th Academy Awards in 1998, the highest number of viewers in history.
But in 2021 just over 10million watched and the lack of interest has been mirrored both in Britain and across the world.
The 96th Oscars will air exclusively on ITV1 and ITVX in the UK on March 10, 2024.