The National Film Registry is the United States National Film Preservation Board's selection of films for preservation in the Library of Congress.
The Registry names to its list up to 25 "culturally, historically, or aesthetically significant films" each year, showcasing the range and diversity of American film heritage to increase awareness for its preservation.
It doesn't follow the Academy Awards, although there are probably many of the top movies on the list. And they are not all feature movies because the goal in preserving these movies is to show our culture in all its diversity. One of my favorite items on the list is that little filler "Let's All Go To the Lobby" with the animated popcorn, drink, and candy that we see at the movies.
Another gem in the Registry is "The House in the Middle."
"It is a 1954 short documentary film produced by the Federal Civil Defense Administration and the National Clean Up-Paint Up-Fix Up Bureau, which attempted to show that a clean, freshly painted miniature house is more likely to survive a nuclear attack than its poorly maintained counterpart."
You can read more about the National Film Registry and see the complete list on this Wikipedia page:
National Film Registry