| Academy Award Nominations and Winners: |
| Best Picture |
| ★ | Best Director: Ang Lee |
| Best Adapted Screenplay: David Magee |
| ★ | Best Cinematography: Claudio Miranda |
| Best Production Design: David Gropman; Anna Pinnock |
| Best Film Editing: Tim Squyres |
| ★ | Best Original Score: Mychael Danna |
| Best Original Song: "Pi's Lullaby" |
| Best Sound Mixing: Andy Nelson, Gary Rydstrom, and Ron Judkins |
| Best Sound Editing: Eugene Gearty and Philip Stockton |
| ★ | Best Visual Effects: Bill Westenhofer, Guillaume Rocheron, Erik De Boer, Donald Elliott |
|
| Golden Globe Nominations and Winners: |
| Best Picture (Drama) |
| Best Director: Ang Lee |
| ★ | Best Original Score: Mychael Danna |
|
| Other Awards: |
| British Academy Awards (BAFTAs): Best Cinematography; Best Visual Effects |
| Satellite Awards: Best Adapted Screenplay; Best Cinematography |
