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The Academy's board of governors met on Tuesday night and voted to strip both men of membership "in accordance with the organization's Standards of Conduct", said a statement fromt he body, which hands out the Oscars.
"The Board continues to encourage ethical standards that require members to uphold the Academy's values of respect for human dignity", a statement from the Academy read.
Polanski fled the U.S. in 1978 after being charged with statutory rape of a 13-year-old girl.
In October of a year ago, it voted to evict Harvey Weinstein from its ranks, according to The Hollywood Reporter.
Polanski, who won an Oscar for best director in 2002 for The Pianist, remains a fugitive after fleeing the USA in 1978 after pleading guilty to unlawful sex with a minor.
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These Are The UK's Worst Polluted Towns And Cities
But it's not all bad news for Port Talbot, as it's only the UK's most polluted town and is nothing like as bad as it can get. Research showed the city has the same level of fine particle pollutants, known as PM2.5, as Leeds, Sheffield and Liverpool.
The Pennsylvania jury delivered last Thursday a verdict after 14 hours of deliberation.
Though Cosby's trial has been more recent, Polanski's criminal history has been known to the public since 1977, when he pled guilty to the charge of unlawful sexual intercourse with a 13-year-old girl, according to BBC News.
The academy's board may now suspend or expel those who violate the code of conduct or who "compromise the integrity" of the academy.
Actor Carmine Caridi is the only other person thought to have been expelled from the academy after his membership was revoked in 2004 for lending DVD screeners of films which ended up online.
As for The Cosby Show star's TV Academy awards, which include four Primetime Emmys its Bob Hope Humanitarian Award, "We have no plans at the present time to rescind his awards", the spokesperson said.
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