What a stunning pair! New parents Penelope Cruz and Javier Bardem walked the red carpet hand in hand ... and with a smile.

With their one-month-old son Leo at home, the couple probably couldn't wait for some adult time, and what better place than the Oscars!

The glowing mama, wearing a L'Wren Scott gown and Jimmy Choo heels, was the perfect arm candy for her sexy, Oscar nominated hubby. Mr. Bardem was nominated for his role in Biutiful ... a movie that was also nominated for Best Foreign Film.

Find out if the sexy actor, and his film, won the Oscar ... after the jump.