The Men in Black star said it would be "awkward" to attend in the light of the row about the lack of representation among this year's acting nominees.
"We're uncomfortable to stand there and say that this is OK," he told Good Morning America's Robin Roberts.
Comedian Chris Rock is facing calls to withdraw from his role as host of this year's ceremony as the row intensifies.
In an interview aired on Thursday, Smith said diversity was "the American super-power" and that, "at its best, Hollywood creates the imagery for that beauty".
http://www.bbc.com/news/entertainment-arts-35370284
So what do you guys think about this?