While accepting the award, Bong said he is grateful to become the first recipient of the award since the name of the title was changed.
Earlier in the ceremony, the South Korean drama took home the prize for Best Original Screenplay.
In the Best Foreign Language Film category, 'Corpus Christi' (Poland), 'Honeyland' (North Macedonia)', Les Miserables' (France), 'Pain and Glory' (Spain) and 'Parasite' (South Korea) were nominated.
The movie will also look to create history in the ceremony as it can become the first Foreign Language film to take the 'Best Picture' award.
'Parasite' has gained six nominations this year at the 92nd Academy Awards -- Best Picture, Best Director, Best Foreign Language Film, Best Original Screenplay, Best Production Design, and Best Film Editing.The movie has garnered international acclaim and has managed to win awards at Golden Globes, Screen Actors Guild Awards and the Writers Guild Awards.
It is also the first non-English film to win the Screen Actors Guild Award for Outstanding Performance by a Cast in a Motion Picture.
'Parasite' first premiered at the 2019 Cannes Film Festival and the film immediately made waves as it managed to win the Palme d'Or.
The movie stars Song Kang-ho, Lee Sun-Kyun, Cho Yeo-Jeong, Choi Woo-Shik, and Park So-dam.
The flick tells a tale about the members of a poor household family, who somehow get employed by a wealthy family by infiltrating the household and posing as unrelated, highly qualified individuals.