| Academy Award Nominations and Winners: |
| Best Picture |
| Best Director: Joel Coen |
| ★ | Best Actress: Frances McDormand |
| Best Supporting Actor: William H. Macy |
| ★ | Best Original Screenplay: Joel and Ethan Coen |
| Best Cinematography: Roger Deakins |
| Best Film Editing: "Roderick Jaynes" |
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| Golden Globe Nominations: |
| Best Picture (Musical/Comedy) |
| Best Director: Joel Coen |
| Best Actress (Musical/Comedy): Frances McDormand |
| Best Screenplay: Joel and Ethan Coen |
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| Other Awards: |
| Cannes Film Festival: Best Director |
| Screen Actors Guild Awards: Best Actress (McDormand) |
| Writers Guild of America: Best Original Screenplay |
| Independent Spirit Awards: Best Picture; Best Director; Best Actress (McDormand); Best Actor (Macy);
Best Screenplay; Best Cinematography |
| New York Film Critics Circle: Best Picture |
| Los Angeles Film Critics Association: Best Screenplay |
| National Board of Review: Best Director; Best Actress (McDormand) |
| British Academy Awards (BAFTAs): Best Director |
| Satellite Awards: Best Picture, Drama; Best Director; Best Actress, Drama (McDormand) |