Holloway, 34, and Oliveira, 36, went into the contest as two of the most popular fighters on the UFC roster and two future Hall-of-Famers.
Former featherweight champion Holloway holds the record for the most significant strikes in UFC history with 3,681 and became the first fighter to defend the BMF belt when he defeated Dustin Poirier last year.
Oliveira came into the bout as the fighter with the most finishes in UFC history with 21, and the most submission wins with 17.
The pair fought previously in 2015 with Holloway winning via stoppage, but Oliveira said in the build-up to the rematch he was a “jiu-jitsu fighter” then, compared to an “MMA fighter” now.
From the first round, Oliveira demonstrated his evolution as a fighter as he put Holloway on the back foot, before securing an early takedown.
For over four minutes Oliveira searched for submissions on the ground and although Holloway defended resolutely, it would be a pattern which would repeat itself throughout the fight.
On the feet Holloway landed sparingly and when he did, Oliveira paid little respect to the Hawaiian’s power as he marched forward before securing multiple takedowns.
As the fight wore on Holloway’s body language between rounds grew more dejected as his corner searched for ways to try and keep the fight standing up.
Oliveira compounded his dominance during the contest when during the final few seconds he embraced Holloway’s trademark point-down gesture, as the pair stood and traded blows.
Both fighters landed but it was Oliveira who celebrated when the final bell rang with the Brazilian confident of victory after recording over 20 minutes of control time on the ground.
After the fight, Oliveira asked if there was room on the UFC’s White House card for him to compete next.
Lightweight champion Ilia Topuria is fighting interim title holder Justin Gaethje at the event on 14 June so although unlikely, if Oliveira is added to the card it would be in a bout to defend his BMF belt.