The pair welcomed guests including Kim Kardashian, Sharon Osbourne and Heidi Klum to the 9th annual event at the Pacific Design Centre in West Hollywood, California, while their baby was tucked up in bed.
Asked about Zachary's whereabouts, David said: "Our baby is at home with the nanny."
However, he did want to get home to his "little guy" after a visit to the Vanity Fair post-Oscars party.
He said: "We'll make a quick stop at Vanity Fair and then go home to the little guy."
Other stars who attended the couple's glamorous event included Katie Price - who stole the limelight from many of the other guests in a revealing black dress - and British singer Florence Welch from band Florence and the Machine.
Elton and David recently worked on new animated movie 'Gnomeo and Juliet' - a retelling of the classic Shakespeare play 'Romeo And Juliet' with garden ornaments - and co-producer David confessed it was a great time to host a film soiree.
He added: "We have the number one movie in the country, 'Gnomeo and Juliet', and we have this Oscar party, so it's a great time."
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