The Devil Wears Prada star showed off six different dresses – and even donned a tuxedo – during the three-and-a-half-hour broadcast on US television.
Amongst her dresses were a floor length midnight blue gown, a strapless red dress and a shimmery silver frock that Hathaway twirled about in on stage.
Franco, however, was not to be outdone and changed his own outfit three times as they presented the Oscars in front of a star-studded audience.
The 127 Hours actor got through three suits and had the audience in stitches as he walked onto the stage wearing a blonde wig and a floor-length hot pink gown.
'You got to wear a tuxedo so I wore this,' he told his co-host.
'The weird part is I just got a text message from Charlie Sheen.'