| Academy Award Nominations and Winners: |
| Best Picture |
| ★ | Best Director: Ang Lee |
| Best Actor: Heath Ledger |
| Best Supporting Actress: Michelle Williams |
| Best Supporting Actor: Jake Gyllenhaal |
| ★ | Best Adapted Screenplay: Diana Ossana & Larry McMurtry |
| Best Cinematography: Rodrigo Prieto |
| ★ | Best Original Score: Gustavo Santaolalla |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Drama) |
| ★ | Best Director: Ang Lee |
| Best Actor (Drama): Heath Ledger |
| Best Supporting Actress: Michelle Williams |
| ★ | Best Screenplay: Diana Ossana & Larry McMurtry |
| Best Original Score: Gustavo Santaolalla |
| ★ | Best Original Song: "A Love that Will Never Grow Old" |
|
| Other Awards: |
| Venice Film Festival: Golden Lion (Best Picture) |
| Directors Guild of America: Best Director |
| Producers Guild of America: Best Picture |
| Writers Guild of America: Best Adapted Screenplay |
| Independent Spirit Awards: Best Picture; Best Director |
| New York Film Critics Circle: Best Picture; Best Director ; Best Actor (Ledger) |
| Los Angeles Film Critics Association: Best Picture; Best Director |
| Boston Society of Film Critics: Best Picture; Best Director |
| National Board of Review: Best Director; Best Supporting Actor (Gyllenhaal) |
| British Academy Awards (BAFTAs): Best Picture; Best Director; Best Supporting Actor (Gyllenhaal); Best Adapted Screenplay |
| Satellite Awards: Best Picture (Drama); Best Director; Best Film Editing (Geraldine Peroni & Dylan Tichenor); Best Original Song ("A Love that Will Never Grow Old") |