Martin, known for his roles in films like 'Father of The Bride' and 'Pink Panther' has hosted the ceremony twice but it is for the first time that Baldwin will front the show.
"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars. Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event," Oscar telecast producers Bill Mechanic and Adam Shankman said in an announcement.
Martin, who earned an Emmy nomination for hosting the 73rd Academy Awards, joked, "I am happy to co-host the Oscars with my enemy Alec Baldwin."
The 'Cooler' star Baldwin added, "I'm thrilled to be hosting the Oscars. It's the opportunity of a lifetime."
The Oscars 2010 will be presented on 7 March at the Kodak Theatre in Hollywood.
Australian star Hugh Jackman hosted this year's award show.
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