The 83-year-old, who worked with Steven Spielberg on the 1993 film, handed over the Oscar to officials in Jerusalem last evening, reported Entertainment Weekly.
"I'm very honoured, I feel this is a good (place) for the Oscar... I'm not parting with it, I am leaving it to the nation, for generations to come... All Yad Vashem's visitors will see it; at my home there is only my wife and my daughter," he said.
Lustig, who survived the notorious Auschwitz and Bergen-Belsen camps, also owns an Oscar for his work as a producer on "Gladiator".
Spielberg's film, about Holocaust hero Oskar Schindler, picked up seven Oscars including Best Picture, Best Director, Best Cinematography, Best Music and Original Score.