Actually we should have seen it coming because the song was awarded with The Golden Globe already in January 2001.
Then on March 25, 2001, at the 73rd Academy Awards, Things Have Changed was awarded the Oscar for Best Original Song. At the time, Dylan was touring Australia. He and his band performed the song in a segment recorded in Sydney, that was inserted into the Academy Awards broadcast via a satellite link.
In his awards speech, broadcast from Sydney, Dylan said: "I want to thank the members of the Academy who were bold enough to give me this award for this song, which obviously is a song that doesn't pussyfoot around nor turn a blind eye to human nature."
The presenter humorously remarked that "we have an eighteen hour time difference which to Bob is normal"
Rolling Stone Magazine, March 26, 2001:
"Bob Dylan won his first-ever Academy Award, as his Things Have Changed, from the movie Wonder Boys, took the Oscar for Best Original Song. It was the second major win for Dylan and the tune, as it won the Golden Globe Award for Best Original Song in January 2001.
"Good God, this is amazing," Dylan said via satellite from Sydney, Australia, where he is currently on tour. Dylan thanked his label as well as the Academy for being "bold enough to give me this award for this song which, is a song that doesn't pussyfoot around or turn a blind eye to human nature."