The song is taken from the soundtrack for the Elton John biopic, Rocketman, which was released in May 2019.
John picked up his first Oscar back in 1995 with co-writer Tim Rice for The Lion King hit Can you Feel the Love Tonight, but this comes as the first Academy Award win for long-time writing partner Bernie Taupin.
During his acceptance speech, John said: ‘This is for him – this is for my partner of 53 years. Without him, I wouldn’t be here. He starts the process, he gives me the lyrics then I go ahead. Without the lyrics, I’m nobody.’
The pair won the award over Randy Newman (Toy Story 4), Diane Warren (Breakthrough), Kristen Anderson-Lopez (Frozen 2), and Cynthia Erivo (Harriet).
John performed the track, which also won a Golden Globe in early January, at the ceremony, which was held at the Dolby Theatre in Los Angeles. You can watch it below.