The 21st Academy Awards were held on March 24, 1949, honoring the films of 1948. The ceremony was moved from the Shrine Auditorium to the Academy's own theater, primarily because the major Hollywood studios had withdrawn their financial support in order to address rumors that they had been trying to influence voters. This year marked the first time a non-Hollywood production won Best Picture, and the first time an individual (Olivier) directed himself in an Oscar-winning performance.

Hamlet is a 1948 British film adaptation of William Shakespeare's play of the same name, adapted and directed by and starring Laurence Olivier. Hamlet was Olivier's second film as director and the second of the three Shakespeare films that he directed. Hamlet was the first British film to win the Academy Award for Best Picture. It is the first sound film of the play in English.