Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Ang Lee |
| Best Adapted Screenplay: Wang Hui-ling, James Schamus, and Tsai Kuo Jung |
★ | Best Foreign-Language Film |
★ | Best Cinematography: Peter Pau |
★ | Best Art Direction: Tim Yip |
| Best Costume Design: Tim Yip |
| Best Film Editing: Tim Squyres |
★ | Best Original Score: Tan Dun |
| Best Original Song: "A Love Before Time" |
|
Golden Globe Nominations: |
★ | Best Director: Ang Lee |
★ | Best Foreign-Language Film |
| Best Original Score: Tan Dun |
|
Other Awards: |
| Directors Guild of America: Best Director |
| Independent Spirit Awards: Best Picture; Best Director; Best Supporting Actress (Zhang) |
| New York Film Critics Circle: Best Cinematography |
| Los Angeles Film Critics Association: Best Picture; Best Cinematography; Best Production Design; Best Original Score |
| Boston Society of Film Critics: Best Foreign-Language Film; Best Cinematography |
| National Board of Review: Best Foreign-Language Film |
| British Academy Awards (BAFTAs): Best Director; Best Foreign-Language Film; Best Original Score; Best Costume Design |
| Satellite Awards: Best Foreign-Language Film |