Oliver, who was the first late-night host to speak about numerous sexual allegations against Weinstein, also criticised fashion designer Donna Karen and filmmaker Oliver Stone for initially supporting the powerful Hollywood producer.
"Yes, finally, the group that counts among its current members Roman Polanski, Bill Cosby and Mel Gibson has found the one guy who treated women badly and kicked him out," Oliver said.
The Academy's 54-member board of governors which includes names such as Steven Spielberg, Tom Hanks, Whoopi Goldberg and Kathleen Kennedy - held an emergency meeting on Saturday at the organisation's Beverly Hills headquarters and voted to strip away Weinstein's lifetime membership.
But Oliver believes removing Weinstein is not enough on the Academy's part.
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"So congratulations, Hollywood. See you at the next Oscars where and this is true Casey Affleck will be presenting best actress," he added.
Affleck was accused of sexual harassment by two women in 2010, who worked on his experimental film "I'm Still Here".
Oliver said a troubling pattern emerged in the Weinstein case is that people around him excused his behaviour.