Prosecutors say the 47-year-old was witnessed taking the statuette before being detained near an exit.
Bryant's attorney Daniel Brookman doesn't deny that his client is brandishing the trophy in various footage, including a video that Bryant posted himself to Facebook bragging that he had won it, but Brookman doesn't believe those actions warrant a felony grand theft charge.
He faces up to three years in jail if convicted of grand theft.
Police say Bryant had a ticket to the Governors Ball at the Hollywood & Highland complex.
During his first court appearance on Wednesday, Bryant's own attorney said that it was all just a prank and that Bryant wanted nothing more than to schmooze with famous people.
Bryant wore prison-issue blue overalls in the dock as he was photographed and filmed by the press. "Look at it, baby".
Associated Press cameras set up outside the Governors Ball captured the accused Oscar thief, and the video is freakish. "There's a difference between holding an Oscar and what he is charged with, so that will play out in court", Brookman said. "I don't think his character matches these charges".
She pipped Sally Hawkins and Meryl Streep to win the award 21 years after she won it for playing Marge Gunderson, a shrewd, kooky and heavily pregnant Minnesota detective in Fargo.
Video captured by The Associated Press appears to show Bryant walking with the statuette out of the party, the Governors Ball, the official Oscars after-party, and holding it up proudly to photographers and gawkers waiting outside.
Bryant, who is a resident of Los Angeles, handed over the trophy without resistance per an incident report filed in the investigation and was turned over to police.