| Academy Award Nominations and Winners: |
| Best Actor: Ian McKellen |
| Best Supporting Actress: Lynn Redgrave |
| ★ | Best Adapted Screenplay: Bill Condon |
|
| Golden Globe Nominations: |
| Best Picture (Drama) |
| Best Actor (Drama): Ian McKellen |
| ★ | Best Supporting Actress: Lynn Redgrave |
|
| Other Awards: |
| Independent Spirit Awards: Best Picture; Best Actor (McKellen); Best Supporting Actress (Redgrave) |
| Los Angeles Film Critics Association: Best Actor (McKellen); Best Original Score (Carter Burwell; tie) |
| National Board of Review: Best Picture; Best Actor (McKellen) |
| Satellite Awards: Best Adapted Screenplay |