Oscars 2020: Watch Elton John Win First Oscar in 25 Years

Elton John on Sunday took home the Academy Award for the Best Original Song for "(I'm Gonna) Love Me Again" from Rocketman, marking the first time in 25 years that he has won an Oscar and making him the second-oldest winner in the history of the category. The singer had last taken home an Oscar during 1995's ceremony when he won for "Can You Feel the Love Tonight?" from The Lion King. Meanwhile, Sunday's honor marked the first time his writing partner, Bernie Taupin, scored a win.

After being presented the award by Gal Gadot, Brie Larson, and Sigourney Weaver, both John and Taupin took the stage at Hollywood’s Dolby Theater to accept the honor, giving moving speeches.

"Well, this doesn't suck," Taupin joked while accepting the award.

Taking the mic, John thanked his writing partner, "who has been a constant in my life, when I was screwed up, when I was normal, he's always been there for me."

"This is a dream for us. We've never been nominated before for anything like this," he added.

"Being here with this guy, I don't have words for it," Taupin said. "This is just justification for 53 years of just hammering it out and doing what we do."

"David, I love you so much," John said of his husband and Rocketman producer David Furnish. "And to my beautiful boys, who are watching this in Sydney, Zachary and Elijah, how much do I love you? Daddy loves you."

John and Taupin beat out fellow nominees Toy Story 4 ("I Can't Let You Throw Yourself Away"), Breakthrough ("I'm Standing With You"), Frozen 2 ("Into the Unknown"), and Harriet ("Stand Up").

Prior to Sunday night's Academy Awards, "(I'm Gonna) Love Me Again" won Best Original Song at the Golden Globes and tied for Best Song at the Critics' Choice Awards earlier this year.

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Ahead of his big win, John had taken the stage to perform the award-winning tune before taking to the press room after the show, where he and Taupin again gushed over their decades-long working partnership.

"This is for him. This is for my partner of 53 years," John said, according to PEOPLE. "Without him, I wouldn't be here. He starts the process. He gives me the lyrics, and then I go ahead. Without the lyrics, I'm nobody. This is the man who started the journey, and we are still together after 53 years.…I'm so thrilled for him because I love him so much."