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OTRC: Oscars 2014: Cate Blanchett of 'Blue Jasmine' wins Leading Actress

Cate Blanchett walks the red carpet at the 2014 Oscars in Hollywood, California on Sunday, March 2, 2014.

Cate Blanchett has won the 2014 Oscar for Best Actress in a Leading Role for her performance in Woody Allen's drama film "Blue Jasmine," marking the 44-year-old Australian actress' second win and fifth nomination.

The winners were announced at a live ceremony that took place at the Dolby Theatre in Los Angeles and aired live on ABC on Sunday, March 2. Blanchett beat Sandra Bullock of "Gravity," Judi Dench of "Philomena," Meryl Streep of "August: Osage County" and Amy Adams of "American Hustle"

"Blue Jasmine" is a dramatic comedy set in San Francisco, California and Blanchett portrays Jasmine, a posh woman whose lavish life in New York City falls apart after her husband is sent to prison for fraud. She takes up with her less fortunate sister, Ginger (played by Oscar nominee Sally Hawkins), in San Francisco. The film also stars Alec Baldwin, Bobby Cannavale, Louis C.K. and Andrew Dice Clay.

The movie received three Oscar nominations, including one for Best Original Screenplay.

Blanchett previously won an Oscar for Best Performance by an Actress in a Supporting Role for playing Hollywood legend Katharine Hepburn in the 2004 film "The Aviator."

She was also nominated for Best Actress in a Leading Role for "Elizabeth: The Golden Age" and "Elizabeth." The actress received supporting actress Oscar nods for her work in "Notes on a Scandal" and "I'm Not There."

Blanchett has won several awards for performance in "Blue Jasmine" including a Golden Globe, a British Academy of Film and Television Arts award and a Screen Actors Guild award.

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