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The film scooped awards for Best Movie, Director and Adapted Screenplay for brothers Joel and Ethan Coen.
Javier Bardem also picked up the Best Supporting Actor prize for his turn as assassin Anton Chigurh in the movie, which is based on a book by Cormac McCarthy.
Hot favourite Daniel Day-Lewis picked up his second Best Actor Oscar for his portrayal of a Texan oil prospector in There Will Be Blood, while Julie Christie lost out in the Best Actress category to La Vie En Rose star Marion Cotillard, the first French woman to win the award since 1960.
However, British star Tilda Swinton triumphed as Best Supporting Actress for George Clooney thriller Michael Clayton.
The ceremony, at the Kodak Theatre in Hollywood, marked the first time since 1964 that the top four acting prizes were presented to non-Americans.
Elsewhere, former exotic dancer Diablo Cody took home the Best Original Screenplay gong for acclaimed comedy Juno.
> Click here for the full list of winners
