| Academy Award Nominations and Winners: |
| Best Actor: Jude Law |
| ★ | Best Supporting Actress: Renée Zellweger |
| Best Cinematography: John Seale |
| Best Film Editing: Walter Murch |
| Best Original Score: Gabriel Yared |
| Best Original Song: "The Scarlet Tide" |
| Best Original Song: "You Will Be My Ain True Love" |
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| Golden Globe Nominations and Winners: |
| Best Picture (Drama) |
| Best Director: Anthony Minghella |
| Best Actress (Drama): Nicole Kidman |
| Best Actor (Drama): Jude Law |
| ★ | Best Supporting Actress: Renée Zellweger |
| Best Screenplay: Anthony Minghella |
| Best Original Score: Gabriel Yared |
| Best Original Song: "You Will Be My Ain True Love" |
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| Other Awards: |
| Screen Actors Guild Awards: Best Supporting Actress (Zellweger) |
| National Board of Review: Best Screenplay |
| British Academy Awards (BAFTAs): Best Supporting Actress (Zellweger); Best Original Score (Gabriel Yared & T-Bone Burnett) |