The 24-year-old Little Women star -- who is nominated for Best Supporting Actress for her role in the Greta Gerwig-directed drama based on the classic Louisa May Alcott novel -- opened up to ET's Lauren Zima about the honor.
"It hasn't really sunk in, so I just keep on talking about it," Pugh shared. "I will, at some point this afternoon, just sit and make sure that it has fully resonated. But it's crazy."
The young star said that she will "never be sick of hearing" herself referred to as an Oscar-nominated actress, explaining, "That's the coolest thing about being nominated. It's there now, for the rest of my life."
This is Pugh's first Oscar nomination -- which is even more impressive considering it's only her eighth feature film since her big screen debut in 2014 -- and she's nominated in a category alongside Scarlett Johansson, whom she stars alongside in the upcoming Marvel movie Black Widow.
"This is gonna be nuts," Pugh said with a laugh. "I've already sent her a text being like, 'You do realize you're gonna just have to hold my hand and walk me through the whole experience."
The entire thing has been "overwhelming" for Pugh, who said she didn't actually wake up early to watch the nominations being announced because she didn't want to be overly anxious.
"I was asleep. I couldn't watch it this morning, because [I'd] just panic for no reason," she explained. "So I was like, 'You know what, I'll sleep.' And my publicist said, 'If you're gonna do that can you just at least put your phone on loud just in case?'"
"So, at 5:30 this morning my phone started singing to me, and it was so shocking," she added. "I screamed for a solid two minutes."
Little Women was also nominated for Best Picture, making it only the 14th film directed by a female filmmaker to ever be nominated in that category, and is only the third movie nominated for Best Picture that was written, directed and produced by a woman.
However, Gerwig -- who penned and helmed the project -- was notably snubbed in the Best Director category, which was comprised entirely of male filmmakers. Despite this, Pugh said Gerwig wasn't letting that get her down.
"We've been talking about it all morning, and of course it's sad, but we got so much elsewhere, and I think Greta is so excited. There was not an ounce of upset in her voice when I spoke to her this morning," Pugh recalled. "We know it's a conversation that needs to keep on happening, but Little Women didn't lose out. Recognition is wonderful, wherever it is."
While Gerwig may have been snubbed for Best Director, she did receive a nomination for Best Adapted Screenplay. Saoirse Ronan also earned a Best Actress nomination, composer Alexandre Desplat earned a nomination for Best Score for the film, and Jacqueline Durran snagged a nomination for Best Costume Design, bringing the total to six nominations over all.
"This is the thing that [makes you] hope that one day, you'll work hard enough, and people will see you and appreciate your work, and that happened today," Pugh said of being recognized by the Academy of Motion Picture Arts and Sciences. "It's an amazing moment, and it's so wonderful that the hard work has paid off."
This year's Oscars will air live from the Dolby Theatre in Hollywood, California, on ABC on Sunday, Feb. 9 at 8:00 p.m. ET / 5:00 p.m. PT.