Mark Rylance has won the Oscar for best supporting actor for his role in the Cold War-era drama Bridge of Spies.
It was the first Academy Award for 56-year-old Rylance, who has enjoyed an acclaimed career as a stage actor and playwright.
He beat the presumed front runner Sylvester Stallone, who was nominated for his performance in the boxing movie Creed.
"I've always just adored stories: hearing them, seeing them, being in them," Rylance said in accepting the Oscar.
He also thanked the film's director Steven Spielberg and co-star Hanks.
In Bridge of Spies, Rylance played real-life Soviet intelligence officer Rudolf Abel, who was arrested by authorities in New York in 1957 and charged with conspiracy.
Abel was held in prison while an American defence lawyer, portrayed by Hanks, argued his case.
Rylance was joined by singer Sam Smith among victorious Britons on the night.
Smith picked up the best original song for Writing's On The Wall, which he co-wrote with fellow Briton Jimmy Napes for the latest James Bond movie Spectre.
Smith took to the stage with Napes and paid tribute to the lesbian, gay, bisexual and transgender (LGBT) community.
He said: "I read an article a few months ago by Sir Ian McKellen and he said that no openly gay man had ever won an Oscar.
"If this is the case, and even if this isn't the case, I want to dedicate this to the LGBT community all around the world. I stand here tonight as a proud gay man and I hope we can all stand together as equals one day."
Smith has been criticised on Twitter for saying he had read no other openly gay man had won an Oscar.
Previous winners include Sir Elton John, who won best original song for The Lion King's Can You Feel The Love Tonight in 1994, and Dustin Lance Black, who took home best original screenplay Oscar for Milk in 2009.
In the lead-up to the Oscars, Sir Ian had suggested in an interview with The Guardian that prejudice was the reason no openly gay man had won the best actor Academy Award.
"No openly gay man has ever won the Oscar; I wonder if that is prejudice or chance," he said.
Briton Jenny Beavan also won an Oscar for best costume design for her work on Mad Max: Fury Road.
Beavan, who was described as a "bag lady" by Stephen Fry at the BAFTAs, said: "I want to say one quite serious thing, but it could be horribly prophetic, Mad Max, if we are not kinder to each other and if we don't stop polluting our atmosphere."
Asked backstage about her choice of Oscars outfit, Beavan said: "I am very happy to talk about it. I don't do frocks and absolutely don't do heels, I have a bad back.
"I look ridiculous in a beautiful gown. This was a homage to Mad Max and I obviously didn't get it quite right at the Baftas, the scarf was meant to be an oil rag."
Amy, an intimate look at the life of singer Amy Winehouse directed by British filmmaker Asif Kapadia, won best feature documentary.
The prize for visual effects went to the British team of Andrew Whitehurst, Paul Norris, Mark Ardington and Sara Bennett for Ex Machina.
Other Brits weren't so lucky on Hollywood's big night.
Eddie Redmayne, who won the best actor Occar last year for The Theory Of Everything, failed to make it two in a row. He had been nominated for The Danish Girl.
Veteran actress Charlotte Rampling also missed out in the best actress category, which was won by Brie Larson.
Host Chris Rock opened the awards ceremony with a monologue confronting concerns about racism in Hollywood.
The outspoken black comedian spoke about diversity in the film industry after an all-white acting nominee line-up was announced for the second year running.
:: Watch Oscars 2016: Highlights, a two-hour special programme, on Sky Movies Oscars tonight from 8pm.
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