| Academy Award Nominations and Winners: |
| ★ | Best Picture |
| ★ | Best Director: Peter Jackson |
| ★ | Best Adapted Screenplay: Fran Walsh, Philippa Boyens, and Peter Jackson |
| ★ | Best Art Direction: Grant Major |
| ★ | Best Costume Design: Ngila Dickson & Richard Taylor |
| ★ | Best Film Editing: Jamie Selkirk |
| ★ | Best Original Score: Howard Shore |
| ★ | Best Original Song: "Into the West" |
| ★ | Best Sound: Christopher Boyes, Michael Semanick, Michael Hedges, and Hammond Peek |
| ★ | Best Visual Effects: Jim Rygiel, Joe Letteri, Randall William Cook, and Alex Funke |
| ★ | Best Makeup: Richard Taylor & Peter King |
|
| Golden Globe Nominations and Winners: |
| ★ | Best Picture (Drama) |
| ★ | Best Director: Peter Jackson |
| ★ | Best Original Score: Howard Shore |
| ★ | Best Original Song: "Into the West" |
|
| Other Awards: |
| Directors Guild of America: Best Director |
| Producers Guild of America: Best Picture |
| Screen Actors Guild Awards: Best Ensemble |
| New York Film Critics Circle: Best Picture |
| Los Angeles Film Critics Association: Best Director; Best Production Design |
| National Board of Review: Best Ensemble Cast |
| British Academy Awards (BAFTAs): Best Picture; Best Adapted Screenplay; Best Cinematography (Andrew Lesnie); Best Visual Effects |
| Satellite Awards: Best Art Direction |