Terry Bryant, 47, is facing one felony count of grand theft, according to the Los Angeles County District Attorney's Office.
He faces a maximum sentence of three years in county jail if convicted. The D.A. is seeking bail of $20,000.
Bryant was initially expected to be arraigned Tuesday, but that appearance was put back by a day, officials said.
Officials believe he stole McDormand's Academy Award for Best Actress at the Governors Ball after the show and was then walking around displaying it for photographers and a social media video as if it was his own.
A photographer who didn't recognize him as an Oscar winner followed him and confronted him, officials said.
The statuette was returned to McDormand and Bryant was arrested.