The Sherlock actor claimed he was so starstruck that not even the loss of his films War Horse and Tinker, Tailor, Soldier, Spy could dampen his spirits.
"It's extraordinary, just wonderful to be invited to the party and feel like you belong to something as glamorous on any kind of a level," Cumberbatch told ITV1's Daybreak on the red carpet at the Vanity Fair party. "It's still utterly overwhelming, it's extraordinarily sort of high-octane glamour.
"The most extraordinary people who you've watched all your life are sort of sitting in the seat next to you or wandering to get a drink, going, 'Oh, I've just seen you in something', I cannot believe it. And then, lots of them have seen Sherlock, which is great!"
Despite being in awe of the spectacle of the Oscars, Cumberbatch insisted that he didn't get into the film industry for the glamour.
"I watched an interview with an actress this afternoon saying 'Oh, I'd sort of dreamt of this as a kid', but I never did, and to me it's about work - it's great that I'm here, but I'm here because I'm working," he added.
More from the Oscars 2012:
> Oscars 2012: 'The Artist', 'Hugo' win five Academy Awards
> Oscars: Meryl Streep pays tribute to friends in 'Best Actress' speech
> Oscars 2012: Jean Dujardin wins 'Best Actor' for 'The Artist'
> Oscars 2012: Bret McKenzie triumphs in 'Best Original Song' category
> Christopher Plummer wins 'Best Supporting Actor' Oscar for 'Beginners'
> Oscars 2012: 84th Academy Awards live blog
> Oscars 2012: Academy Awards winners list in full
> Oscars: Academy Awards 2012: Red carpet pictures
Watch a trailer for Tinker Tailor Soldier Spy below:
View a picture gallery of all the red carpet arrivals from the 84th Academy Awards: