The comedian announced that he would step in to host the 2012 telecast via Twitter Thursday.
Crystal has hosted the Oscars eight times — 1990-1993, 1997, 1998, 2000 and 2004. He is second only to Bob Hope, who hosted 19 Academy Awards ceremonies.
His past hosting jobs have been highlighted by his trademark openings, which featured Crystal being digitally added to scenes from the nominees for best picture.
“I’m thrilled to welcome Billy back to the Oscar stage,” Academy of Motion Picture Arts and Sciences President Tom Sherak said. “He’s a comic legend and Oscar icon, and it feels good to have him back were he belongs.