As the stars strut down the red carpet on Sunday, there's one look we've been waiting for all night, and it's here: Lady Gaga's Oscar dress is a stunner and a sight to behold. Walking the red carpet with fiancé Taylor Kinney, the world also got a good look at her gorgeous, massive engagement ring. Lady Gaga's white satin outfit by Brandon Maxwell featured a structured but draped strapless neckline and a stunning pantsuit-skirt hybrid. Draped in all white, the singer sported a retro-inspired golden hairdo and ginormous emerald cut diamond earrings — seriously, those things are huge! After lots of lovely looks already on the red carpet, I think it's safe to say that anyone coming down the carpet after Gaga has quite the fashion act to follow.

It's been a fortuitous year so far for singer, actress, and fashion icon Lady Gaga: The 29-year-old songstress and all around diva has already won a Grammy and Golden Globe so far this year. Perhaps tonight she'll receive a shiny gold Oscar statute to add to her collection. Lady Gaga's song — “Til It Happens To You” from The Hunting Ground documentaryis nominated for Best Original Song at this year's Academy Awards; this is her first Oscar nomination. She'll also perform the song at the awards ceremony, with a special introduction by Vice President Joe Biden.

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This isn't her first time on the red carpet at the Academy Awards. At last year's Oscars, Lady Gaga performed a lengthy tribute to The Sound of Music. On the red carpet, Lady Gaga wore a stunning custom Alaïa gown in white, adorned with delicate silver embroidery over a voluminous skirt. According to her Facebook, the embroidery alone took 1,600 hours to complete, sewn by 25 different people. But there was one accessory that people couldn't stop talking about: Lady Gaga's bright red gloves. Fashion fans were sharply divided on the bold choice, deeming it anywhere from brilliant to bonkers.

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HOLLYWOOD, CA - FEBRUARY 22: Recording artist Lady Gaga attends the 87th Annual Academy Awards at Hollywood & Highland Center on February 22, 2015 in Hollywood, California. (Photo by Jason Merritt/Getty Images)

At the Academy Awards in 2014, Lady Gaga was on E! Online's "Worst Dressed List" with a strapless Versace metallic art deco-inspired mermaid gown with a floor-length pink chiffon scarf and silver platform heels. If you ask me, E! — her Oscars outfit from two years ago was classic and couture.

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HOLLYWOOD, CA - MARCH 02: Recording artist Lady Gaga attends the Oscars held at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Jason Merritt/Getty Images)

Lady Gaga's Oscar dress follows suit from the dress she wore to the 88th Annual Academy Awards Nominee Luncheon earlier this month, with simple semi-structured styling. For the pre-Oscars party, Gaga was bedecked in a custom Christian Siriano gown, in nude satin with a high collar halter neckline and stylish kick train.

Lady Gaga, nominee for Original Song, arrives at the 88th Oscar Nominees Luncheon in Beverly Hills, California, February 8, 2016 / AFP / ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)

After this stunning look on the red carpet, I can't wait to see what Lady Gaga will wear later tonight for her Best Original Song performance at the 88th Academy Awards.