Held every year since 1992, the likes of Lady Gaga, Elizabeth Taylor and RuPaul have attended his star-studded bash in the past.
"People have to go to other parties, but peoplewant to go to Elton’s party," Sharon Stone told the Hollywood Reporter in 2017.
The party is held as a fundraiser for the Rocketman singer’s AIDS Foundation - with money raised helping hundreds of thousands of people across the world.
But, of course, this year we’re in a pandemic, so the party has followed in the footsteps of every other fabulous event held in recent months... and gone digital.
For 2021, the party will consist of an hour-long pre-show to the Oscars themselves with Olly Alexander, Cynthia Erivo, Elizabeth Hurley and David Walliams among the attendees.
Elton and husband David Furnish will be co-hosting proceedings, with actor Neil Patrick Harris. Singer Dua Lipa will be performing a “stripped back” set.
Going digital has one major plus for us non-celebrities - we can attend for the first time and Ticketmaster is selling tickets for just £14.99.
Of course, time zones mean if you’d like to watch it live just before the Oscars you’ll be in for a very late night or early start.
The “red carpet” will be broadcast at 3.30 PT which is 11.30pm in the UK.
The party will begin from 4.00 PT - or midnight - and run for an hour. The Academy Awards themselves begin at 1am UK time.
For those who don’t fancy the unsociable hours, you can buy tickets to a digital screening of the party at 7pm on Monday night. Dress code is, of course, Academy-style glamour.
While it’s not going to be quite the occasion attendees are used to, its bound to be interesting viewing.
To buy tickets click here