This was a particularly special bestowing given that only 36 people in 86 years have received it and Broccoli is only the second woman to be honoured.
Not only that, but the step-siblings are the first children of a past honoree to be chosen for the gong.
It was their father, Bond film franchise co-creator Albert “Cubby” Broccoli, who previously was honored in 1981, when his daughter was in attendance.
Craig praised the pair, who cast him as 007 almost 20 years ago, for taking Cubby’s “monumental achievement” and making it “even better”.
But before he handed out the Oscars to them, he addressed their current search for the next Bond with a cryptic message.
Craig said: “Tonight I have the honour and the privilege of presenting it to my dear, dear friends Michael G Wilson and Barbara Broccoli. But first, let’s just get something out there way. If you came here this evening to find out who the next James Bond is, don’t look at me, but he might be in the room… just joking… maybe I’m not?”
Well, if he wasn’t joking about them being in attendance, a couple of bookies’ favourites in Paul Mescal and Harris Dickinson were in attendance, but the favourite Aaron Taylor-Johnson was not – so take what you will from Craig.