Leaning in to kiss girlfriend and co-star Lucy Boynton several times before going onstage, Malek, 37, could barely contain his joy.
"Oh my God," he said breathlessly. "My mom is in here somewhere — I love you lady! My family, thank you for all of this. My dad didn't get to see me do any of this, but I think he's looking down on me right now so this is a monumental moment," he said.
"I'm so appreciative to all of you to everyone who has had a hand in getting me here," he added, thanking the Academy, 21st Century Fox and others involved with the film's production.
"I may not have been the obvious choice," he said of the role of legendary Queen frontman Freddie Mercury, "but I guess it worked out."
"Thank you Queen. Thank you guys for letting me the tiniest part of your phenonmenal extraordinary legacy. I am forever in your debt," he said. "My crew and my cast — I love you. You are my equals, you are my betters. I could have never been here without you. I think about what it would have been like to tell little Bubba Rami that one day this may happen to him, and I think his curly-haired mind would be blown."
Malek added that "that kid was struggling with his identity."
"We made a film about a gay man, an immmigrant who lived his life unapologetically himself," he said. "I am the son of immigrants from Egypt. I am a first-generation American, and my story is being written right now. I cannot be more grateful to each and every one of you."
Before exiting the stage, he thanked 25-year-old Boynton, who co-starred as Mary Austin in "Bohemian Rhapsody."
"Lucy Boynton, you're the heart of this film," he gushed. "You're beyond immensely talented. You have captured my heart. Thank you so much."