The Houston native received her first-ever Oscar nomination on Tuesday for Best Original Song in the "King Richard" movie, which is a story about Richard Williams, the father of Venus and Serena Williams.
Beyonce earned the nomination for the original song, "Be Alive," which she co-wrote with songwriter Dixson.
Serena appeared on "Jimmy Kimmel Live!" in November and said she knew Beyonce was the only one who could do the original song for the movie.
"I feel like we've had a similar path in our lives," Serena said. "Her dad was super involved in her career as well as her mom. My dad and my mom were super involved. For us, it was really only one answer, and she embraced that. There was no doubt in her mind that it belonged to her as well."
"King Richard" also scored several other nominations including, Best Actor, Best Picture, Best Supporting Actress and Best Film Editing.
"King Richard," the story about the life of Venus and Serena Williams' father, Richard Williams, was also nominated for Best Picture.
Click here to view the other 2022 Oscar nominations.